Economy

Irish surge helps euro zone industrial production to rebound

No other euro state close to matching 21.5% rise in the Republic

The Intel manufacturing plant in Leixlip, Co Kildare. The latest Eurostat data on industrial production in the euro zone shows a strong upswing in the Republic, led by the impact of multinationals. Photograph: Colin Keegan/Collins

Wed Jun 14 2023 - 11:03

Euro zone industrial production rebounded more than expected in April after a slump in March, led by the Republic. Across the euro zone, a surge in the output of capital goods such as buildings and equipment offset reduced production of consumer goods, data showed on Wednesday.

Industrial production in the 20 countries sharing the euro rose by 1 per cent month-on-month in April for a 0.2 per cent year-on-year rise, the European Union’s statistics office Eurostat said.

The upswing of production was clearest in the Republic, with the distortive effect of multinationals on the statistics at play. No other state was even close to matching the Irish increase of 21.5 per cent.

Economists polled by Reuters had expected 0.8 per cent overall monthly and annual increases.

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Eurostat said capital goods output jumped 14.7 per cent month-on-month in April after a 15.2 per cent plunge in March, more than compensating for a 2.6 per cent monthly fall in the production of durable consumer goods and a 3 per cent fall in non-durable goods.

Capital goods output was also the main driving force behind the rise of production in year-on-year terms, offsetting steep falls for intermediate goods, energy and durable consumer goods. – Reuters

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