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Industrial Production and Turnover September 2022

Annual growth of 31.3% in Industrial Production

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

Key Findings

  • Industrial production was 31.3% greater in September 2022 than in September 2021.

  • Between August and September 2022, the monthly seasonally adjusted production index increased by 14.1%.

  • The increase in industrial output largely reflects increases in export manufacturing activity and contract manufacturing in the multinational sectors. (See Statisticians' Comment section below)

  • While the Modern industrial sectors showed annual growth of 31.0%, industrial production in the Traditional sectors grew by 15.9% in the year to September 2022.

  • On a three-month basis, which reduces some of the monthly volatility in the series, production in manufacturing industries increased by 8.4% in the three months from July 2022 to September 2022 compared with the previous three-month period.

  • In the three months from July 2022 to September 2022 (Q3), industrial production was 2.1% greater than the corresponding period of 2021.

  • Turnover in Manufacturing Industries was 9.7% greater in the three months from July 2022 to September 2022 than in the preceding three months.

Statistician's Comment

The Central Statistics Office (CSO) has today (09 November 2022) released Industrial Production and Turnover September 2022. Commenting on the release, Eamonn Cleary, Statistician in the Business Statistics Division, said: "Industrial production was 31.3% greater in September 2022 than in September 2021. (See Headline Table, Table 1, and Table 3a)

From August to September 2022, the monthly seasonally adjusted production index increased by 14.1%. (See Headline Table, Table 1, and Table 3a)

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 eight months of 2022 have shown a similar general upward trend. Exports between January and August 2022 were up by €32.4 billion (30.2%) compared to the same period in 2021, with Medical & Pharmaceutical Products up by €15.2 billion (37.8%), Organic Chemicals by €6.9 billion (38.5%), Machinery & Transport Equipment, which includes ICT, by €2.7 billion (17.1%), and Food Products by €1.6 billion (21.2%). (See Goods Exports and Imports August 2022 release, Table 3) 

On a three-month basis, which reduces some of the monthly volatility in the series, production in Manufacturing Industries increased by 8.4% in the three months from July 2022 to September 2022, compared with the previous three-month period. (See Table 3b)

In the three months from July 2022 to September 2022 (Q3), industrial production was 2.1% greater than the corresponding period of 2021. (See Table 3b)

Turnover in Manufacturing Industries was 9.7% greater in the three months from July 2022 to September 2022 than in the preceding three months. (See Headline Table, Table 4 and Table 5b)"

Note on Seasonal Adjustment

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
September 2021128.5126.0163.3163.2
August 2022147.8168.9126.7143.8
September 2022168.6177.8217.1232.9
Monthly % change14.15.371.362.0
Annual % change31.341.133.042.7
    
Apr 2022 - Jun 2022136.8149.3121.4139.6
Jul 2022 - Sep 2022148.3163.9157.2176.4
% change8.49.729.526.4
1Figures may differ due to rounding.

Tables and Graphs

Figure 1 Manufacturing Industries Seasonally Adjusted September 2020 - September 2022
Show Table: Table 1 Volume Indices of Production - Seasonally Adjusted

Show Table: Table 1a Volume Indices of Production - Seasonally Unadjusted

Show Table: Table 2 Volume Indices of Production for Modern and Traditional Sectors

Show Table: Table 3a Volume Indices of Production for Industrial Sectors - Provisional Results September 2022

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

Show Table: Table 3c Volume Indices of Production for Industrial Sectors - Final Results August 22

Show Table: Table 4 Industrial Turnover Indices - Seasonally Adjusted

Show Table: Table 4a Industrial Turnover Indices - Seasonally Unadjusted

Show Table: Table 5a Turnover Indices for Industrial Sectors - Provisional Results September 2022

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

Show Table: Table 5c Turnover Indices for Industrial Sectors - Final Results August 2022