Czech Republic: Industrial activity crashes again in May
July 7, 2020
Industrial output plummeted 25.7% year-on-year in working-day adjusted terms in May, which followed April's 33.7% record-breaking collapse. Consequently, the trend pointed down, with the annual average variation of industrial production coming in at minus 7.2%, down from April's minus 4.8% reading.
May's downturn largely reflected more moderate contractions across the three major sectors: mining and quarrying; manufacturing; and utilities supply. Notably, car production plunged by nearly half, but was less than the 80% plunge in April amid the reopening of some car manufacturing plants.
On a seasonally-adjusted monthly basis, industrial production soared 13.8% in May (April: -23.2% mom sa), the strongest increase on record.
Author: Javier Colato, Economist