Czech Republic Industry

Czech Republic

Industrial production declines for fifth consecutive month

In March, industrial production dropped 6.0% over the same month last year, which represents a deterioration compared to the 5.7% decline observed in February. In addition, the reading marks the fifth consecutive month of contracting output and overshot market expectations that had industrial production falling 4.5%.

The monthly decline reflected a sharp contraction in manufacturing output, which also suffered a fifth consecutive decline in March. Moreover, mining and quarrying contracted the most since December 2012.

A month-on-month comparison confirms the deterioration suggested by the annual figures, as industrial production contracted a seasonally adjusted 0.2% in March, which contrasted the 1.5% expansion observed in February.

As a result of the annual drop, the trend continues to point downwards, with the annual average variation in industrial production falling from minus 2.1% in February to minus 2.6% in March, 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 March 2013

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

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