Information Note: Industrial Production and Turnover - February 2022 (Final) March 2022 (Provisional)
Data for the Industrial Production and Turnover Index (IPT) is collected monthly from a sample of 1081 enterprises. Despite the current difficult circumstances, many enterprises have continued to supply us with this information and we wish to thank all survey respondents for their support.
Overall the response rate was broadly comparable to the average response rate for IPT. However, due to temporary closure and the difficulties faced by businesses, the response rates for the IPT from March 2020 to March 2022, in certain NACE groups, was lower than normally expected. We hope that these businesses will be in a position to provide us with the data at a future date.
The figures from March 2020 onwards are an exception to existing seasonal patterns and have highlighted the underlying volatility of the monthly industrial production and turnover series. Seasonal adjustment is challenging in the current climate and while the seasonal adjustment models have been reviewed and changed 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 continuing to review how the seasonal adjustment models are applied to the series on Industrial Production and Turnover, and may introduce revised estimates.
The IPT index weights are based on 2015 data (base year = 2015) and may not reflect the current distribution of economic activity in the sector due to the COVID-19 crisis.
The CSO wishes to thank all those enterprises who supplied their industrial production and turnover data for the months from March 2020 to March 2022 and urge them to continue to do so, even where production and or turnover may be reduced or nil if an enterprise has temporarily stopped production. Such information is still needed to measure the precise impact of the crisis on the industrial sector. The April 2022 Industrial Production and Turnover Index is planned for publication on the 8th of June 2022.
CSO publication, 9th May 2022, 11am
Eamonn Cleary (+353) 21 453 5483