Czech Republic: Industrial production growth eases in May
July 9, 2018
Industrial production expanded 1.4% year-on-year in May, easing from April’s 5.5% increase. There were the same number of working days in May than in the same month last year. Manufacturing output growth moderated notably to 1.0% annually from April’s stellar 9.0% expansion, primarily on the back of decreased manufacture of motor vehicles, trailers and semi-trailers and manufacture of basic pharmaceutical products and pharmaceutical preparations. Meanwhile, output in the electricity, gas, steam and air conditioning sector rebounded in May after a sharp contraction in April. Likewise, output in the mining and quarrying sector also recovered considerably in May, following four consecutive months of decline.
In seasonally-adjusted month-on-month terms, industrial output rose to a six-month high of 2.9% in May, contrasting April’s 0.9% fall. Annual average growth in industrial production, however, fell to an eleven-month low of 4.7% in May from 5.4% in April.
Author: Lindsey Ice, Economist