Sharp fall in industrial production during June but figures up on 2013

Thursday 07 August 2014 11.41
Pharmaceutical production was down sharply when compared to the previous month
Pharmaceutical production was down sharply when compared to the previous month

Industrial production rose in June when compared with the same month of 2013, according to data from the Central Statistics Office, but was down sharply on May’s figures.

June’s production figures were 3.5% higher than the year previous, boosted by an 11.5% growth in ‘traditional’ sectors. This includes areas such as food production, textiles manufacturing and mining.

Meat production was considerably higher year-on-year, with its seasonally adjusted sub-index 56.9% higher than the June 2013 figure.

However production was down sharply overall when compared to May, falling 18.2%.

This was primarily due to a 27.4% decline in production amongst ‘modern’ sectors, such as chemical and pharmaceutical production and electronic equipment manufacturing.

Chemical and pharmaceutical production was 35.6% lower, month-on-month, while basic pharmaceutical products and preparations were down 29.5%.

Despite the month-on-month decline, industrial production performed well in the three months to June, according to the CSO figures.

Between April and June, the seasonally adjusted volume of industrial production across all industries was 11.8% higher than in the preceding quarter.

Industrial production during the quarter was 22% higher than in the same period of 2013.