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Production increased again in March after increasing in February. This is still not enough to make up for the sharp decline in January, with production still 1.6% below December's peak. Overall, industrial production has not been able to break away from the downward trend that began in the second half of 2022.
Much of the recovery in March was due to a 12.8% increase in Irish production statistics. This figure is highly volatile, partly due to the nature of industrial activity in Ireland. Germany, Spain, France, Italy, and the Netherlands all experienced declines, indicating that underlying weakness will prevail for the time being.
Surveys have recently shown further signs that the market has bottomed out. Companies have indicated that production is declining at a declining pace, and there is a temporary return to optimism among manufacturers. Although it is still too early to call the beginning of a recovery, we expect some recovery to occur in the second half of the year. As the goods cycle begins to bend, higher real wage growth should boost consumer spending.
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