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Czech Republic Industrial production October 2020

Czech Republic: Industrial output rebounds in October

Industrial production expanded 1.3% year-on-year in working-day adjusted terms in October, which contrasted September’s 1.9% drop and marked the strongest reading since May 2019. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at 8.4% from September’s minus 8.5%.

October’s turnaround was driven by a rebound in the manufacturing sector and a softer contraction in the mining and quarrying sector, which more than offset a sharper downturn in the electricity, gas, steam and air conditioning supply sector.

On a monthly basis, industrial production rose 3.0% in seasonally-adjusted terms in October, following September’s 3.6% increase.

Commenting on the outlook, Jakub Seidler, chief Czech Republic economist at ING, stated:

“Industry will support the domestic economy in the last quarter of this year, which is one of the main reasons why the impact of the second wave of the pandemic on the domestic economy will be weaker than in the spring.”

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