December 9, 2022

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Production in Ireland fell sharply.  The sudden collapse of the European tiger

Production in Ireland fell sharply. The sudden collapse of the European tiger

  • Industrial production in Ireland fell by 31%. On an annual basis this is the largest decline in the European Union
  • Mainly the modern sectors, but also the food sectors were losing
  • This could mean a slowdown in the European tiger movement, whose economy has doubled in the past decade
  • More important information can be found on Onet homepage

Industrial production in Ireland fell 31 percent in April. every year, and if you exclude mining, power and heating, it comes to 32.2 percent. y / y – according to the data of the local statistics bureau. This is the largest drop in the entire European Union. Slovakia came second from the bottom, with production falling sharply, but “only” by 9.6 percent. xy.

The industry across the European Union also saw a decline, but by only 0.5%. xy. It even increased production in Poland at 15.8% yoy, which gave us fourth place in terms of dynamics behind Lithuania (+20.6% yoy), Denmark and Bulgaria, according to Eurostat data. What happened in Ireland?

There has been a sharp decline in the so-called “modern” sector. Here, the decrease was as much as 34.8 percent. On an annual basis according to seasonally adjusted data, it increased by 19.8 percent. Compared to March this year. The traditional sectors grew 4.6 percent. On an annual basis, it lost 2.9 percent. compared to March.

To be clear, the “modern” sector includes the production of chemicals, pharmaceuticals, computers, electronics, medicine and dentistry. Thanks to these industries, wages in Ireland are among the highest on the Old Continent. The average Irish person earns more than 3,000 euros per month, which is a quarter more than the British and three times more than the average pole. In Europe, the Irish are more than the Swiss, the Danes and the Luxembourgish.

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