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Industrial Production and Turnover July 2022

Quarterly increase of 9.5% in industrial production

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

Key Findings

  • Production in Manufacturing Industries increased by 9.5% in the three months from May 2022 to July 2022, compared with the previous three-month period. On an annual basis, industrial production was 4.4% less than in the corresponding period of 2021.

  • From May to July 2022, production in the Traditional sector was 11.8% greater than in the corresponding period of 2021. Over the same period, production in the Modern sector declined by 6.9%. (For definition of Traditional and Modern sectors see Statistician’s Comment section below.)

  • Electricity, Gas, Steam & Air Conditioning Supply increased by 17.6% in the three months from May to July 2022, compared to the previous three-month period.

  • Turnover in Manufacturing Industries was 12.5% higher in the three months from May 2022 to July 2022 than in the preceding three months. 

Statistician's Comment

The Central Statistics Office (CSO) has today (08 September 2022) released Industrial Production and Turnover July 2022. Commenting on the release, Eamonn Cleary, Statistician in the Business Statistics Division, said: "On an annual basis, industrial production was 4.4% lower in the three-month period from May to July 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 6.9% decrease in production in this period, compared to the Traditional sector which saw an increase of 11.8%. See Table 3b.

For context, the Modern sector comprises the Chemical, Pharmaceutical, Computer, Electronic, Medical, and Dental sectors, while the Traditional sector is made up of all remaining industrial enterprises. 

Other notable results include a 17.6% increase in Electricity, Gas, Steam & Air Conditioning Supply in the three months from May to July 2022, compared to the previous three-month period. See Table 3b."

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 AdjustedSeasonally Unadjusted
Production IndexTurnover IndexProduction IndexTurnover Index
July 2021168.1131.7171.1139.5
June 2022148.4154.2125.5138.0
July 2022126.0143.9129.0152.5
Monthly % change-15.1-6.72.810.5
Annual % change-25.09.3-24.69.3
    
Feb 2022 - Apr 2022126.3134.0111.8126.2
May 2022 - July 2022138.2150.8125.4144.6
% change9.512.512.214.6
1Figures may differ due to rounding.

Tables and Graphs

   

Figure 1 Manufacturing Industries Seasonally Adjusted July 2020 - July 2022
Table 1 Volume Indices of Production - Seasonally Adjusted

Table 1a Volume Indices of Production - Seasonally Unadjusted

Table 2 Volume Indices of Production for Modern and Traditional Sectors

Table 3a Volume Indices of Production for Industrial Sectors - Provisional Results July 2022

Table 3b Volume Indices of Production for Industrial Sectors 3 monthly - Provisional Results

Table 3c Volume Indices of Production for Industrial Sectors - Final Results June 22

Table 4 Industrial Turnover Indices - Seasonally Adjusted

Table 4a Industrial Turnover Indices - Seasonally Unadjusted

Table 5a Turnover Indices for Industrial Sectors - Provisional Results July 2022

Table 5b Turnover Indices for Industrial Sectors 3 monthly - Provisional Results

Table 5c Turnover Indices for Industrial Sectors - Final Results June 2022