Czech Republic: Industrial production improves in August
October 7, 2011
In August, industrial production expanded 5.9% over the same month last year, which was faster than the 4.4% increase observed in July, but undershot market expectations of a 7.5% rise. The August improvement was mainly the result of an acceleration in mining and quarrying (July: +3.9% year-on-year; August: +11.8% yoy) and a rebound in electricity, gas, steam and air conditioning supply (July: -9.5% yoy; August: +5.2% yoy). However, a month-on-month comparison does not confirm the improvement suggested by the annual figures, as industrial production contracted 0.58% in seasonally adjusted terms, which contrasted a 0.01% increase registered in July. The trend continues to point downwards, with annual average growth in industrial output declining from 10.8% in July to 10.2% in August.
Author: Ricardo Aceves, Senior Economist