From November 2022 to January 2023, industrial production in Manufacturing Industries decreased by 0.3% compared with the previous three-month period.
On an annual basis, production in Manufacturing Industries was 12.9% greater in the three months from November 2022 to January 2023, than in the corresponding period one year ago.
Production in Manufacturing Industries increased by 20.0% in the calendar year 2022, compared with 2021.
The Modern sector, which includes the Pharmaceutical, Computer, Electronic and Medical Instrumentation sectors, recorded a 21.6% increase in industrial production for the calendar year 2022 compared with 2021. By comparison, the Traditional sector showed an increase of 4.5%.
From November 2022 to January 2023, turnover in Manufacturing Industries increased by 15.1% compared with the corresponding period one year ago.
The CSO had previously committed to review its approach to the seasonal adjustment methodology used in this monthly Industrial Production and Turnover series. This review is still ongoing, and, in the meantime, the CSO will continue to implement the direct method of seasonal adjustment.
In addition, the coherence of the series when compared to the CSO’s National Accounts estimates has continued to be examined. As part of this ongoing comparison, an issue was identified in the absolute values of the unadjusted production indices for September 2021 and, as a result, the value for each of the subsequent months has now been revised. There is no impact on the short-term monthly trends for 2022 and it can also be noted that there was no impact on the unadjusted turnover series.
The series and method of seasonal adjustment will continue to be the subject of further review.
| Manufacturing Industries - Seasonally Adjusted and Unadjusted1 | ||||
| (Base Year 2015 = 100) | ||||
| Seasonally Adjusted | Seasonally Unadjusted | |||
| Production Index | Turnover Index | Production Index | Turnover Index | |
| January 2022 | 171.3 | 135.9 | 202.7 | 157.0 |
| December 2022 | 185.6 | 157.2 | 133.7 | 122.0 |
| January 2023 | 205.6 | 164.0 | 243.2 | 189.6 |
| Monthly % change | 10.8 | 4.3 | 81.9 | 55.4 |
| Annual % change | 20.0 | 20.7 | 20.0 | 20.8 |
| Aug 2022 - Oct 2022 | 198.4 | 179.3 | 242.9 | 200.8 |
| Nov 2022 - Jan 2023 | 197.7 | 162.0 | 214.5 | 163.4 |
| % change | -0.3 | -9.6 | -11.7 | -18.6 |
| 1Figures may differ due to rounding. | ||||
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Statistician's Comment
The Central Statistics Office (CSO) has today (15 March 2023) published the Industrial Production and Turnover release for January 2023. Commenting on the release, Eamonn Cleary, Statistician in the Business Statistics Division, said: "From November 2022 to January 2023, production in Manufacturing Industries decreased by 0.3% compared with the previous three-month period. (See Headline Table, Table 1 and Table 3b)
On an annual basis, production in Manufacturing Industries was 12.9% greater in the three months from November 2022 to January 2023, than in the same period one year ago. (See Table 3b)
Production in Manufacturing Industries increased by 20.0% in the calendar year 2022, compared with 2021. (See Table 1)
However. this large annual increase in production for the calendar year was not uniform across all sectors. For instance, the Modern sector, which includes the Pharmaceutical, Computer, Electronic and Medical Instrumentation sectors, recorded a 21.6% increase in industrial production in 2022 compared to 2021. By comparison, the Traditional sector showed an increase of 4.5% over the same period. (See Table 2)
Turnover in Manufacturing Industries increased by 15.1% in the three months from November 2022 to January 2023 compared with the corresponding period one year ago. (See Table 4 and Table 5b)."