Press Release Industrial Production and Turnover Annual Revisions 2015

Date Published: Thu, 11 Aug 2016

The Industrial Production and Turnover (IPT) results have been revised to reflect revisions to the National Income and Expenditure Accounts for 2015 (released on 12 July 2016). The IPT series is revised on an annual basis to incorporate revisions to the National Accounts data, however this year the revisions are on a much larger scale. The annual increase in industrial production was 38.5% in 2015, which compares with an increase of 24.2% in 2014. The large increase is attributable to the globalisation activities of a small number of companies. (See links below)

http://www.cso.ie/en/releasesandpublications/er/nie/nationalincomeandexpenditureannualresults2015/

http://www.cso.ie/en/media/csoie/newsevents/documents/IrelandEconomicGrowthFigures.pdf

http://www.cso.ie/en/media/csoie/newsevents/documents/pr_GDPexplanatorynote.pdf

The data has been produced and disseminated on the basis of uniform standards and international practice. There is no change in the underlying methodology of the IPT and no new companies have been introduced. The CSO places value on consistency and coherence across all our data series and the revisions reflect this commitment. However, users should be aware that the revisions have resulted in a level shift in the data from January 2015.

The CSO is bound by strict confidentiality rules and therefore, a number of previously available indices have now become confidential and suppressed in the IPT release and StatBank tables. CSO is aware of the implications this may have for users and will review outputs and cell suppression going forward as additional statistical releases are published.

Users should exercise caution when interpreting the data, as IPT indicators may no longer provide a sufficient understanding of domestic production. CSO is exploring the development of new short-term indicators. Data on domestic production continues to be available on an annual basis (with 2015 being the most recent) using the Irish Industrial Production by Sector release (See link below).

http://www.cso.ie/en/releasesandpublications/er/iips/irishindustrialproductionbysector2015/ 

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