Czech Republic: Industrial production continues to strengthen in January
March 11, 2011
In January, industrial production expanded 16.9% over the same month last year, which represented an acceleration compared to the 12.0% increase observed in December. The strong reading defied even upbeat market expectations, which had seen industrial output expanding 13.0%. The acceleration in January reflected a faster expansion in manufacturing (December: +13.4% year-on-year; January: +21.8% yoy) and in mining and quarrying (December: +5.0% yoy; January: +5.9% yoy). In contrast, public utilities contracted over December. A month-on-month comparison, confirms the acceleration suggested by the annual data, as industrial production swung from a seasonally-adjusted 0.57% contraction in December to a 3.45% increase in January. Moreover, the trend continues to point to a strong recovery in the industrial sector, with annual average growth in industrial production rising from 10.0% in December to 10.9% in January.
Author: Ricardo Aceves, Senior Economist