09.02.2024 15:14:51

Irish Manufacturing Output Grows Most In 14 Months

(RTTNews) - Ireland's manufacturing output expanded at the sharpest pace in more than a year in December, preliminary figures from the Central Statistics Office showed on Friday.

Manufacturing output jumped a seasonally adjusted 45.5 percent year-on-year in December, reversing a 21.5 percent decline in November. This was the first increase in six months.

Further, this was the biggest growth since October 2022, when output had risen 56.7 percent.

The strong recovery in December was largely due to a 70.0 percent surge in wood and wood products output. Production of food products also grew markedly by 55.8 percent.

On a monthly basis, output in the manufacturing sector logged a huge growth of 77.6 percent from November, when it grew by 11.6 percent.

Industrial production also surged 40.5 percent in December compared to last year, in contrast to a 20.9 percent jump in the prior month.

Compared to the previous month, industrial output showed a growth of 23.5 percent in December after a 7.3 percent rebound in the prior month.

During the October-December period, production in the manufacturing industries contracted by 4.4 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 11.4 percent in industrial production in the period October to December 2023, while the traditional sector showed an increase of 8.3 percent.

During the whole year 2022, overall production in manufacturing industries was 7.5 percent lower compared to 2022.