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Financial News: Ireland Manufacturing Production Plummets 34.6%

Ireland Manufacturing Production Plummets 34.6%

03/08/2024 - 08:04:00 (RTTNews)

(RTTNews) - Ireland's manufacturing output declined sharply in January after recovering in the previous month, preliminary figures from the Central Statistics Office showed on Friday.

Manufacturing output plunged a seasonally adjusted 34.6 percent year-on-year in January, reversing a 36.4 percent slump in December.

On a monthly basis, output in the manufacturing sector plunged 46.5 percent from December, when it grew by 67.8 percent.

Industrial production also fell markedly by 31.9 percent in January compared to last year, in contrast to a 32.2 percent strong recovery in the prior month.

Compared to the previous month, industrial output showed a decline of 28.9 percent in January after a 19.1 percent increase in the prior month.

During the November-January period, production in the manufacturing industries expanded by 29.0 percent compared with the previous three-month period.

The modern sector, which includes the chemical, pharmaceutical, and computer and electronics sectors, recorded an annual fall of 14.4 percent in industrial production in the same period last year, while the traditional sector showed an increase of 11.9 percent.

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