From September 2022 to November 2022, industrial production in Manufacturing Industries increased by 14.0% compared with the previous three-month period.
On an annual basis, production in Manufacturing Industries was 40.6% greater in the three months from September 2022 to November 2022, than in the corresponding period of 2021.
The Modern sector, which includes the Pharmaceutical, Computer, Electronic and Medical Instrumentation sectors, recorded a 43.8% increase in industrial production from September 2022 to November 2022, compared with the same period in 2021. The corresponding increase for the Traditional sector was 12.7%.
The increase in industrial output largely reflects increases in export manufacturing activity and contract manufacturing in the multinational sectors. (See Statistician's Comment section below)
From September 2022 to November 2022, turnover in Manufacturing Industries increased by 17.1% compared with the previous three-month period.
The figures from March 2020 onwards, i.e. from the start of the COVID-19 crisis, have been an exception to previous seasonal patterns and have highlighted the underlying volatility of the monthly Industrial Production and Turnover series. In response to this, throughout 2022 the C.S.O. has conducted a review of its approach to seasonal adjustment in the IPT, and intends to implement a method of indirect seasonal adjustment, beginning with reference month January 2023, which is due for publication in March 2023. This will have the benefit of ensuring greater consistency across the indices published in the IPT release each month, as the aggregate series will be adjusted with reference to the component series. In addition to this, the C.S.O. will continue to carefully examine the individual seasonal adjustment models on an ongoing basis.
| Manufacturing Industries - Seasonally Adjusted and Unadjusted1 | ||||
| (Base Year 2015 = 100) | ||||
| Seasonally Adjusted | Seasonally Unadjusted | |||
| Production Index | Turnover Index | Production Index | Turnover Index | |
| November 2021 | 120.5 | 132.4 | 136.4 | 142.4 |
| October 2022 | 152.7 | 196.1 | 207.7 | 230.6 |
| November 2022 | 164.6 | 181.9 | 185.9 | 194.0 |
| Monthly % change | 7.8 | -7.2 | -10.5 | -15.9 |
| Annual % change | 36.6 | 37.5 | 36.3 | 36.2 |
| Jun 2022 - Aug 2022 | 142.2 | 158.7 | 126.6 | 144.7 |
| Sep 2022 - Nov 2022 | 162.1 | 185.9 | 202.7 | 217.5 |
| % change | 14.0 | 17.1 | 60.1 | 50.3 |
| 1Figures may differ due to rounding. | ||||
Statistician's Comment
The Central Statistics Office (CSO) has today (09 January 2022) released Industrial Production and Turnover November 2022. Commenting on the release, Eamonn Cleary, Statistician in the Business Statistics Division, said: "From September 2022 to November 2022, production in Manufacturing Industries increased by 14.0% compared with the previous three-month period. (See Headline Table and Table 3b)
On an annual basis, production in Manufacturing Industries was 40.6% greater in the three months from September 2022 to November 2022, than in the same period of 2021. (See Table 3b)
The Modern sector, which includes the Pharmaceutical, Computer, Electronic and Medical Instrumentation sectors, recorded a 43.8% increase in industrial production from September 2022 to November 2022, compared with the same period in 2021. The corresponding increase for the Traditional sector was 12.7%. (See Table 3b)
This increase in industrial output largely reflects increases in export manufacturing activity, as well as contract manufacturing in the multinational sectors. For instance, External Trade statistics in the first 10 months of 2022 have shown a similar general upward trend. Exports between January and October 2022 were up by €39.4 billion (28.8%) compared with the same period in 2021, with Medical & Pharmaceutical Products up by €16.1 billion (31.1%), Organic Chemicals by €10.5 billion (48.1%), Machinery & Transport Equipment, which includes ICT, rose by €2.8 billion (13.5%), and Food Products increased by €2.2 billion (22.4%). (See Goods Exports and Imports October 2022, Table 3)
Turnover in Manufacturing Industries was 17.1% greater in the three months from September 2022 to November 2022 than in the preceding three months. (See Headline Table, Table 4 and Table 5b)"