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Economy in Brief
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
by Louise Curley January 11, 2010
Recession continues in Ireland as Industrial production, announced today, declined 8.0% from 106.2 (2005=100) in Octoberto 97.7% in November. Ireland makes a distinction between its traditional industries and those of relatively recent origin. The "Modern" sector includes the following NACE industries reproduction of recorded music (182), manufacture of chemicals and chemical products (20), manufacture of basic pharmaceutical products and pharmaceutical preparations (21), manufacture of computers, electronic and optical products (26), manufacture of electric equipment (27) and medical and dental instruments and supplies (325). All the rest of the industries make up the traditional sector.
Month to month production in the Modern Sector has been volatile but has shown little trend. For instance production in the Modern sector declined 10.5% in November, but was down only 3.8% from a year ago. Production in the Traditional sector, on the contrary, has shown a definite downward trend. Although production in the Traditional sector was down only 2.2% in November, it was 17.7% below the year ago level. The attached chart shows total Industrial Production for Ireland and production in the Modern and Traditional sectors. The relative stability of production in the Modern Sector and the sharp decline of production in the Traditional Sector are apparent.
IRELAND | Nov 09 | Oct 09 | Nov 08 | M/M % Chg | Y/Y/% Chg | 2008 | 2007 | 2006 |
---|---|---|---|---|---|---|---|---|
Industrial Production (2005=100) | 97.7 | 106.2 | 108.0 | -8.00 | -9.54 | 106.5 | 108.3 | 103.0 |
Traditional Sector | 84.4 | 86.3 | 102.5 | -2.20 | -17.66 | 100.3 | 104.7 | 101.6 |
Modern Sector | 108.2 | 121.0 | 112.6 | -10.50 | -3.82 | 111.2 | 111.0 | 104.0 |