Financial News: Ireland Manufacturing Production Plummets 37.6%

Ireland Manufacturing Production Plummets 37.6%

04/09/2024 - 08:06:00 (RTTNews)

(RTTNews) - Ireland's manufacturing output declined sharply for the second straight month in February, preliminary figures from the Central Statistics Office showed on Tuesday.

Manufacturing output plunged a seasonally adjusted 37.6 percent year-on-year in February, reversing a 32.8 percent slump in January.

On a monthly basis, output in the manufacturing sector rebounded 2.2 percent from January, when it plunged by 45.7 percent.

Industrial production also fell markedly by 34.9 percent in February compared to last year, after a 30.0 percent decrease in the prior month.

Compared to the previous month, industrial output showed an increase of 3.7 percent in February after a 26.8 percent decline in the prior month.

During the December-February period, production in the manufacturing industries expanded by 24.3 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 21.1 percent in industrial production in the same period last year, while the traditional sector showed an increase of 12.9 percent.

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