Production in Manufacturing Industries increased by 8.1% in the three months from June 2022 to August 2022, compared with the previous three-month period.
In the three months from June 2022 to August 2022, industrial production was 2.4% lower when compared with the corresponding period of 2021.
From June to August 2022, production in the Traditional sector was 12.6% greater than in the corresponding period of 2021. Over the same period, production in the Modern sector declined by 5.0%. (For the definition of Traditional and Modern sectors see Statistician’s Comment section below.)
Electricity, Gas, Steam & Air Conditioning Supply decreased by 11.1% in the three months from June to August 2022, compared wiith the previous three-month period.
Turnover in Manufacturing Industries was 9.6% higher in the three months from June 2022 to August 2022 than in the preceding three months.
Note on Seasonal Adjustment
In general, for the Industrial Production and Turnover indices, the CSO recommends that commentary and interpretation of the results should focus mainly on the monthly unadjusted series and on the seasonally adjusted three-month moving average.
The figures from March 2020 onwards, i.e. from the start of the COVID-19 crisis, are an exception to previous seasonal patterns and they highlight the underlying volatility of the monthly Industrial Production and Turnover series. Seasonal adjustment was already challenging for these series. While the seasonal adjustment models are being updated and changed monthly as appropriate (e.g. by treating the data for certain sectors as additive outliers) the underlying volatility of the data is still reflected in the seasonally adjusted series. The CSO is reviewing how the seasonal adjustment models are applied to the series on Industrial Production and Turnover and expects to introduce revised methods for seasonal adjustment of these series.
| Manufacturing Industries - Seasonally Adjusted and Unadjusted1 | ||||
| (Base Year 2015 = 100) | ||||
| Seasonally Adjusted | Seasonally Unadjusted | |||
| Production Index | Turnover Index | Production Index | Turnover Index | |
| August 2021 | 134.4 | 130.4 | 115.0 | 112.0 |
| July 2022 | 127.2 | 145.3 | 127.7 | 152.4 |
| August 2022 | 145.2 | 165.2 | 126.1 | 143.2 |
| Monthly % change | 14.1 | 13.6 | -1.3 | -6.0 |
| Annual % change | 8.1 | 26.6 | 9.6 | 27.8 |
| Mar 2022 - May 2022 | 129.8 | 142.0 | 116.7 | 133.5 |
| Jun 2022 - Aug 2022 | 140.4 | 155.6 | 126.4 | 144.5 |
| % change | 8.1 | 9.6 | 8.3 | 8.2 |
| 1Figures may differ due to rounding. | ||||
Statistician's Comment
The Central Statistics Office (CSO) has today (07 October 2022) released Industrial Production and Turnover August 2022. Commenting on the release, Eamonn Cleary, Statistician in the Business Statistics Division, said: "On an annual basis, industrial production was 2.4% lower in the three-month period from June to August 2022 than in the corresponding period of 2021. (See Table 3b)
However, it is important to note that this annual decrease in production was not uniform across the industrial sub-indices. For instance, the Modern sector experienced a 5.0% decrease in production in this period, compared with the Traditional sector which saw an increase of 12.6%. (See Table 3b)
For context, the Modern sector comprises the Chemical, Pharmaceutical, Computer, Electronic, and Medical & Dental sectors, while the Traditional sector is made up of all remaining industrial enterprises.
Other notable results include an 11.1% decrease in Electricity, Gas, Steam & Air Conditioning Supply in the three months from June to August 2022, compared with the previous three-month period. (See Table 3b)"