August 7, 2014

In June, industrial production tallied a seasonally and working-day adjusted 3.5% expansion over the same month last year, which was well below the 30.3% increase tallied in May. According to the Central Statistics Office (CSO), the reading reflects a plunge to contraction in the “modern” sector, which includes chemicals, high-tech and pharmaceuticals. Meanwhile, output in the “traditional” sector tallied an important gain.



Industrial production contracted 16.5% over the previous month in seasonally-adjusted terms, which followed the 2.5% decrease tallied in May. Meanwhile, annual average growth in industrial production increased from 8.7% in May to 9.0% in June.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 2.4% in 2014, which is up 0.2 percentage points from last month’s forecast. For 2015, the panel sees industrial production increasing 2.8%.