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Czech Industrial Production Growth Slows

Czech Industrial Production Growth Slows

The Czech Republic’s industrial production grew at a slower than expected pace January, preliminary figures from the Czech Statistical Office showed Friday.

Industrial production grew 0.9 percent year-on-year after a 2.5 percent increase in February. Economists had expected 1.5 percent gain.

Manufacturing output rose 0.8 percent, while mining and quarrying production decreased 3.7 percent. Utility sector output rebounded with 1.9 percent growth.

Compared to the previous month, industrial production decreased 0.4 percent in January.

“Economic activities that usually contribute the most to an increase in industrial production even reported a moderate year-on-year decrease in January,” Veronika Dolezalova, head of industrial statistics unit at CSO, said.

“The considerable decrease of production in the manufacture of beverages reflects the decreased long-term demand as a consequence of the pandemic.”

The value of new orders decreased 4.6 percent year-on-year in January, driven by a 23.9 percent slump in the domestic bookings.

The statistical office also reported that the construction output decreased 5.2 percent year-on-year in January. But it was higher by 4.2 percent from the previous month.

The material has been provided by InstaForex Company – www.instaforex.com