|Source: CSO |
Irish industrial production only
grew by 0.2% in the year to February as output of the dominant pharmaceutical
sector fell. Industrial production fell 2.3% in the month.
About 60% of merchandise exports are
made by the mainly US-owned pharmaceutical and medical devices sector.
The Central Statistics Office (CSO) said that on an annual basis
production for Manufacturing Industries for February 2011 was 0.2% higher than
in February 2010.
The most significant changes were in the following
sectors: Food Products (-1.6%) and Computer, electronic and optical products
(-3.9%). The seasonally adjusted volume of industrial production for
Manufacturing Industries for the three month period December 2010 to February
2011 was 0.4% higher than in the preceding three month period.
The “Modern” Sector, comprising a number of high-technology and
chemical sectors, showed an annual decrease in production for February 2011 of
0.8% and an increase of 0.6% was recorded in the “Traditional” Sector.
It is unusual for the annual output of the mainly foreign-owned sector to fall and this will be reflected in the quarterly national accounts data. it should however be noted that the monthly data is volatile as if batch chemical production is difficult to track. So maybe March may have more positive data.
The seasonally adjusted industrial turnover index for
Manufacturing Industries was 0.2% lower in the three month period December 2010
to February 2011 when compared with the preceding three month period. On an
annual basis turnover was 5.9% higher when compared with February 2010.
The CSO said that the Industrial Production & Turnover Indices
will now be seasonally adjusted using X-12-ARIMA. This improved approach
identifies and corrects for factors that will impact on the quality of the
seasonal adjustment estimation, e.g. the timing of Easter. Also, seasonal
factors will now be calculated each month.