Czech Republic Industry

Czech Republic

Industrial production contracts more than expected

In February, industrial production dropped 5.7% over the same month last year, which marks a deterioration compared to the 4.4% contraction recorded in January, exceeding market expectations that had industrial output declining 5.0%. The monthly decline was mainly driven by a sharp contraction in manufacturing as well as in electricity, gas and steam generation.

However, a month-on-month comparison saw industrial production expanding a seasonally adjusted 1.6% in February, which contrasts the 0.1% decline observed in January.

As a result of the annual drop, the trend continues to point downwards, with the annual average variation in industrial production falling from minus 1.2% in January to minus 2.1% in February, the lowest level in almost three years.

FocusEconomics Consensus Forecast panellists expect industrial output to expand 1.3% in 2013, which is unchanged from last month's forecast. For 2014, panellists expect industrial output to accelerate to 4.1%.

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Czech Republic Industry Chart

Czech Republic Industry February 2013

Note: Year-on-year changes and annual average varation of industrial production index in %.
Source: Czech Statistical Office (CSO).

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