Czech Republic Industry

Czech Republic

Industrial production accelerates in November

In November, industrial production expanded 15.9% over the same month last year. The strong reading, which was more than double the 6.9% increase observed in October, overshot market expectations of a 12.0% increase. The acceleration in November was broad-based compared to the mixed results recorded the previous month. Manufacturing, which accounts for the bulk of industrial output, was the primary driver of the pick-up, expanding 23.5% year-on-year (October: +18.3% yoy). In addition, mining and quarrying soared 17.2% in November (October: +7.1% yoy) and electricity, gas, steam and air conditioning supply expanded 1.2%, contrasting a 0.3% contraction in October. A month-on-month comparison corroborates the sharp acceleration suggested by the annual figures, as industrial output grew a seasonally adjusted 2.04% in November, contrasting a 0.15% drop in October. The trend continues to point to a strong recovery in the industrial sector, with annual average growth in industrial production rising from 8.2% in October to 9.7% in November. Meanwhile, the Central Bank estimates that the economy expanded 2.3% in 2010. This year, monetary authorities anticipate the economy will grow a more moderate 1.2%, while in 2012, the Bank sees the economy expanding 2.5%

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