Official statistics for May show a slowdown in economic growth as the Irish economy adjusts to weaker international economic conditions.

The Central Statistics Office has reported the seasonally adjusted volume of industrial production down 2.7 per cent for the three months to the end of May 2001 compared to the previous three months. The year-on-year increase for May 2001 was 3.2 compared to a 19.6 per cent increase in the same period last year.

Irish exports for May 2001 increased by 5.5 per cent, up 23.6 per cent on the same month last year. On a seasonally adjusted basis though, comparing exports in May to the average performance between January and April this year, the CSO reports a decline of 8.9 per cent.

Imports were also weaker, dropping 2.3 per cent in May, but were 16 per cent higher when compared with the same period last year. The CSO figures confirm slower Irish economic growth in the Irish economy. , which is forecast to slow from 10.4 per cent last year to around 5.5 per cent in 2001.