Based on the latest data released by the Central Statistics Office (CSO), Ireland’s industrial output endured a drop during the quarter from June to August, despite seeing an uplift in August. Compared with the same quarter in 2023, the recent statistics reveal a near 1% yearly decrease and a 2.6% drop compared with the prior quarter.
The modern sector, incorporating key globalised industries such as pharmaceuticals, chemicals, electronics, and computing, experienced a 2.4% downturn on an annual basis. This follows a previously noted 6% increase in turnover within the sector.
In contrast, production within the traditional sector saw nearly a 7% surge during the same time period. Monthly figures for August 2024 highlight a 3.5% rise in output within manufacturing industries.
However, between the months of June and August, the turnover within these industries saw a marginal drop of 0.4% compared to the earlier period.
Colin Cotter, a statistician within the Enterprise Statistics Division of the CSO, advised analysts to consider a long-term perspective of the indices due to potential fluctuations within a given quarter. The volatility of industrial production figures in Ireland he attributes to a high ratio of contract manufacturing, a process where production is outsourced to a third party.