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Production in Manufacturing Industries declined by 3.1% in the three months from March 2022 to May 2022, compared to the previous three month period. On an annual basis, industrial production was 14.3% less than in the corresponding period of 2021.
From March to May 2022, production in the Traditional sector was 11.5% greater than in the corresponding period of 2021, when many industries were impacted by COVID-19 related restrictions. Over the same period, production in the Modern sector declined by 17.9%.
Production of Electricity, Gas, Steam & Air Conditioning declined by 17.6% in the three months from March to May 2022, compared to the previous three month period.
Turnover in Manufacturing Industries was 3.9% higher in the three months from March 2022 to May 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. 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 | |
| May 2021 | 137.5 | 122.4 | 119.7 | 113.3 |
| April 2022 | 117.1 | 130.4 | 117.1 | 137.3 |
| May 2022 | 138.7 | 153.1 | 122.1 | 143.5 |
| Monthly % change | 18.5 | 17.4 | 4.3 | 4.5 |
| Annual % change | 0.9 | 25.0 | 2.0 | 26.7 |
| Dec 2021 - Feb 2022 | 134.2 | 135.2 | 125.2 | 133.7 |
| Mar 2022 - May 2022 | 130.0 | 140.5 | 116.8 | 133.6 |
| % change | -3.1 | 3.9 | -6.7 | -0.1 |
| 1Figures may differ due to rounding. | ||||
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Statistician's Comment
The Central Statistics Office (CSO) has today (7 July 2022) released Industrial Production and Turnover May 2022. Commenting on the release, Eamonn Cleary, Statistician in the Business Statistics Division, said: "On an annual basis, industrial production was 14.3% lower in the three month period from March to May 2022 than had been the case in the corresponding period of 2021, when many industries were experiencing COVID-19 related restrictions. 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 17.9% decrease in production in this period, compared to the Traditional sector which saw an increase of 11.5%. 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% decrease in the production of Electricity, Gas, Steam & Air Conditioning in the three months from March to May 2022, compared to the previous three month period. See Table 3b."