The CSO said production for Manufacturing Industries for August 2014 was 2.3% lower than in July 2014. On an annual basis production for August 2014 increased by 21.2% when compared with August 2013. The seasonally adjusted volume of industrial production for Manufacturing Industries for the three months June 2014 to August 2014 was 12.4% lower than in the preceding three month period.
The “Modern” Sector, comprising a number of high-technology and chemical sectors, showed a monthly increase in production for August 2014 of 2.5%. There was a monthly decrease of 0.5% in the “Traditional” Sector.
There was an increase of 1.5% in the seasonally adjusted industrial turnover index for Manufacturing Industries in August 2014 when compared with July 2014. On an annual basis turnover increased by 17.8% when compared with August 2013.
Meanwhile, the seasonally adjusted monthly services value index decreased by 1.5% in August 2014 when compared with July 2014 while, in the year to August 2014, there was an increase of 5.1%.
On a monthly basis, Other Service Activities (+5.0%), Accommodation and Food Service Activities (+4.5%) and Transportation and Storage (+3.6%) increased when compared with July 2014. Professional, Scientific and Technical Activities (-5.1%), Information and Communication (-4.4%), Wholesale and Retail Trade (-2.0%) and Administrative and Support Service Activities (-0.3%) decreased in the month to August 2014.
David McNamara of Davy commented on the industrial production data: "Today’s dip is not entirely surprising given the recent volatility in the industry data (Figure 1). Following the massive 38% monthly rise in pharmaceuticals production in July, output slipped 0.6% in August and is now up 37.6% yoy. The big picture is that the manufacturing sector has bounced back strongly this year as the impact of the pharma patent cliff has waned.
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