Czech Republic: Industrial output swings to contraction in February
April 8, 2021
Industrial production dropped 2.6% year-on-year in working-day adjusted terms in February, which contrasted January’s 0.3% uptick. Meanwhile, the trend deteriorated, with the annual average variation of industrial production coming in at minus 7.2% from January’s minus 6.9%.
On a monthly basis, industrial production contracted 2.0% in seasonally-adjusted terms in January, following January’s 0.8% decrease.
Commenting on the release, Jakub Seidler, chief Czech Republic economist at ING, stated:
“All in all, weaker production comes on the back of supply-side problems which will very likely remain an issue in the months ahead.”