The Mondo Bizarro of Irish Economics:
Industrial production activity:
- Irish Manufacturing PMI plummeted to 36.0 in April, from 45.1 in March, the lowest since March 2009
- Irish Services PMI "continued its historic descent in April to 13.9, indicating the fastest decline in Irish service sector output in the 20-year survey history. The month-on-month decrease in the Index, at 18.6 points, was smaller than March’s 27.4-point plunge, but still far exceeded anything else in the series to date."
So actual industrial indices are showing booming Manufacturing across both turnover and volumes of production in March, yet PMI surveys showing collapsing activities. You really can't make this up. But, wait, worse: energy-generation is down, apparently, in volume by 0.2% y/y, yet 'modern sectors' activity is up 35.4%. Which points to the heroic efforts of the Irish economy to be the most energy-efficient in the Universe.
Of course, the entire circus of Irish economic statistics is driven by the 'dotted-out' sectors in the industrial activity tables - the CSO's way of saying "you, peasants, don't need to know what multinationals are up to".
Amazeballs! Just in time for Mr President to muse about taking US pharma out of Ireland's tax [non] haven... https://www.rte.ie/news/business/2020/0504/1136374-pharma-trump-ireland-coronavirus-vaccine/.