Czech Republic: Industrial production accelerates in November
January 9, 2014
In November 2013, industrial production expanded 6.2% over the same month of the previous year. The result overshot both the 3.7% increase the markets had expected and the 3.5% expansion observed in October. November's expansion represents the fifth consecutive month of positive growth in industrial output and was mainly driven by faster growth in manufacturing output as well as in electricity, gas and steam supply. A month-on-month comparison, however, does not corroborate the notable acceleration suggested by the annual data. Industrial production increased a seasonally-adjusted 1.3% in November, which came in below the 1.8% increase registered in October. Moreover, the trend continues to point upward after having hit a three-year low in July; the annual average variation in industrial production increased from minus 2.0% in October to minus 1.1% in November. FocusEconomics Consensus Forecast panelists expect industrial output to expand 4.2% in 2014, which is unchanged from last month's forecast. For 2015, panelists expect industrial output to expand 4.7%.
Author: Ricardo Aceves, Senior Economist