Industrial production fell 8.2% in Q1 2023
The decrease in production was not uniform across all sectors
Industrial production in manufacturing industries fell by 8.2% between Q1 2023 and Q4 2022.
This comes from the Central Statistics Office’s (CSO) Industrial Production and Turnover release for March 2023.
On a monthly basis, production in manufacturing industries declined by 38.1% in March 2023 compared with February 2023.
However, this large decrease in production was not uniform across all sectors. For instance, the modern sector, which includes the chemical, pharmaceutical, computer, electronic and medical instrumentation sectors, recorded a 48% drop in industrial production in March 2023 compared with February 2023.
By comparison, the traditional sector, which includes the manufacturing of food products and beverages, grew by 6.9% over the same period.
On a quarterly basis, production in the ‘modern’ sector fell by 13.7% in Q1 2023 compared with Q4 2022, whereas the ‘Traditional’ sector increased production by 2.3% over the same period.
