Czech Republic: Industrial production dips in March
Industrial production dropped 1.1% year-on-year in March, contrasting the 2.7% expansion recorded in February and marking the largest decline since July 2016. However, there were two fewer workdays in March than in the same month last year, which weighed on the headline figure. Manufacturing output swung from a mild 1.1% annual expansion in February to a considerable 13.8% drop in March, largely due to the marked decline in the production of motor vehicles, trailers and semi-trailers; and rubber and plastic products. Similarly, year-on-year output in the mining and quarrying sector contracted for the second consecutive month. Meanwhile, production in the electricity, gas, steam and air conditioning sector rebounded strongly in March, but it was not enough to offset the sizeable contraction in manufacturing.
In seasonally-adjusted month-on-month terms, industrial output rose 1.4% in March, rebounding from the prior month’s revised 1.3% contraction (previously reported: -1.2% month-on-month). Annual average growth in industrial production moderated from 6.0% in February to 5.0% in March.