Czech Republic: Industrial production improves in February
April 7, 2014
In February, industrial production expanded 6.7% over the same month last year. The reading came in above the revised 5.7% increase observed in January (previously reported: +5.5% year-on-year) and overshot the 6.5% expansion the market had expected. February's result reflected stronger growth in manufacturing output and an improvement in mining and quarrying as well as in electricity and gas supply. A month-on-month comparison confirms the improvement suggested by the annual data. Industrial production expanded a seasonally-adjusted 1.7% in February, which contrasts the 0.4% decrease registered in January. As a result of February's improvement, the trend continued to point upward. Annual average growth in industrial production rose from 1.4% in January to 2.5% in February, which marked the highest level since May 2012. FocusEconomics Consensus Forecast panelists expect industrial output to expand 4.1% in 2014, which is down 0.1 percentage points from last month's forecast. For 2015, panelists expect industrial output to expand 4.5%.
Author: Ricardo Aceves, Senior Economist