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Industrial Production and Turnover February 2024

Production in manufacturing industries rose by 24.3% in the three months to February 2024

Online ISSN: 2009-5384
CSO statistical publication, , 11am
Advisory Note

The results presented in this release reflect contract manufacturing activity and outsourcing in the Irish industrial economy. This release is prepared in compliance with the requirement of EU Regulation 1165/98, as amended, and the standards set out in the UN 2010 International Recommendations for the Index of Industrial Production. These standards set out that outsourced production is included as part of an enterprise’s Irish production.

The scale of contract manufacturing and outsourcing in the Irish industrial economy has increased since 2015, meaning that very high levels of short-term, i.e. monthly, volatility may be present in the indices presented in this release.

With this in mind, the CSO recommends that analysts take a longer-term view of the indices. Accordingly, much of the commentary presented by the CSO in the release will refer to rolling quarterly time periods.

Key Findings

  • From December 2023 to February 2024, production in manufacturing industries increased by 24.3% when compared with the previous three-month period.

  • On a monthly basis, production in manufacturing industries rose by 2.2% in February 2024. On an annual basis, production in manufacturing industries was 13.7% lower in the three months from December 2023 to February 2024 when compared with the same period in the previous year. 

  • In the three-month period from December 2023 to February 2024, the Modern sector experienced an annual decline of 21.1% in production when compared with the same three-month period in the previous 12-months. In contrast, annual production in the Traditional sector grew by 12.9%.

  • From December 2023 to February 2024, turnover in manufacturing industries was up by 14.3% when compared with the previous three-month period.

Statistician's Comment

The Central Statistics Office (CSO) has today (09 April 2024) released the Industrial Production and Turnover Index for February 2024 (Provisional) and January 2024 (Final).

Commenting on the release, Colin Cotter, Statistician in the Business Statistics Division, said: "Production in manufacturing industries increased by 24.3% from December 2023 to February 2024 when compared with the previous three-month period, driven by differences in performance between the highly globalised Modern sector and the Traditional sector (See Headline Table, Table 1, and Table 3b).

Monthly production in manufacturing industries rose by 2.2% between January 2024 and February 2024. On an annual basis, production in this sector was 13.7% lower in the three months from December 2023 to February 2024 when compared with the same period in the previous 12-months (See Table 1 and Table 3b). As per the advisory note above, the CSO recommends that analysts take a longer-term view of the indices because of the variability that can occur within the given months of a quarter. 

The highly globalised Modern sector, which includes the Chemical, Pharmaceutical and Computer & Electronic sectors, experienced a decline of 21.1% in industrial production from December 2023 to February 2024, when compared with the same period one year ago. In contrast, the Traditional sector experienced an increase of 12.9% from December 2023 to February 2024, compared with the same period in the previous 12-months (See Table 2 and Table 3b). 

From December 2023 to February 2024, turnover in manufacturing industries was up by 14.3% when compared with the previous three-month period (See Headline Table, Table 4, and Table 3b).

In general, it should be noted that the results presented in this release reflect contract manufacturing activity in the multinational sectors." 

Note on Review of Seasonal Adjustment

In line with best practice, the CSO has been conducting a review of the seasonal adjustment methodology used in this monthly Industrial Production and Turnover series. This review is due to be finalized shortly and, in the meantime, the CSO will continue to implement the direct method of seasonal adjustment.

Headline Table

The headline table shows the seasonally adjusted and unadjusted Production and Turnover indices for Manufacturing industries. It also highlights the monthly and annual percentage changes for these indices, as well as percentage changes for the current compared to the previous quarter.

Manufacturing Industries - Seasonally Adjusted and Unadjusted Indices(Base Year 2015 = 100)
 Seasonally Adjusted Unadjusted
 Production IndexTurnover Index Production IndexTurnover Index
February 2023229.4163.5 175.2156.6
January 2024140.1124.6 162.9144.2
February 2024143.2128.7 109.9124.1
Monthly % change2.2%3.2% -32.6%-13.9%
Annual % change-37.6%-21.3% -37.3%-20.7%
     
September 2023 - November 2023145.2130.1 202.0152.9
December 2023 - February 2024180.4148.6 151.6139.5
% change24.3%14.3% -25.0%-8.8%
Figures may differ due to rounding

Seasonally Adjusted Indices for Modern and Traditional sectors.

Figure 1 and Table 2 show the seasonally adjusted indices for the Modern and Traditional sectors.

Tables 1 & 1a relate to the seasonally adjusted and unadjusted indices for Industrial sectors.

Figure 1: Seasonally Adjusted Production Indices for Modern and Traditional Sectors, February 2022-February 2024
Table 1 Seasonally Adjusted Production Indices for Industrial Sectors

Table 1a Unadjusted Production Indices for Industrial Sectors

Table 2 Seasonally Adjusted Production Indices for Modern and Traditional Sectors

Seasonally Adjusted Production and Turnover Indices

Figure 2 and Table 3b show the seasonally adjusted percentage changes in Manufacturing Industries for a rolling three-month provisional average.

Table 3a relates to provisional results for February and Table 3c relates to final results for January.

ProductionTurnover
Manufacturing Industries (10-33)24.314.3
Food Products (10)6.46.8
Meat & Meat Products (101)4.23.1
Dairy Products (105)3.510.4
Bakery & Farinaceous Products (107)02.6
Grain Mill & Starch Products; Prepared Animal Feeds (106,109)-3.1-4.6
Other Food Products (102-104,108)12.810
Textiles, Wearing Apparel & Leather Related Products (13-15)7.12.3
Wood & Wood Products, except Furniture (16)11.31.4
Paper & Paper Products; Printing & Reproduction of Recorded Media (17-18)-7.20.7
Rubber & Plastic Products (22)2.74
Other Non-Metallic Mineral Products (23)-1.5-4.1
Basic Metals & Fabricated Metal Products (24-25)-6.5-6.7
Electrical Equipment (27)88.4
Transport Equipment (29-30)-3.30.2
Tobacco, Leather, Coke & Refined Petroleum Products, Transport Equipment,
Furniture, Repair & Installation of Machinery & Equipment (12,15,19,29-31,33)
-3.7-7.9
Table 3a Seasonally Adjusted Production and Turnover Indices for Industrial Sectors - Provisional Results February 2024

Table 3b Seasonally Adjusted Production and Turnover Indices for Industrial Sectors - 3 monthly Provisional Results

Table 3c Seasonally Adjusted Production and Turnover Indices for Industrial Sectors - Final Results January 2024

Seasonally Adjusted and Unadjusted Indices for Turnover

Tables 4 & 4a show the seasonally adjusted and unadjusted Turnover indices for Industrial sectors.

Table 4 Seasonally Adjusted Turnover Indices for Industrial Sectors

Table 4a Unadjusted Turnover Indices for Industrial Sectors