Czech Republic: Industrial production slows in September
November 7, 2011
In September, industrial production expanded 2.5% over the same month last year, which was less than half the 5.9% increase recorded in August and undershot market expectations of a 4.2% rise. The monthly slowdown reflected contractions in mining and quarrying as well as in the supply of electricity, gas, steam and air conditioning. Manufacturing grew 3.7% year-on-year in September, which was slower than the 5.7% increase in August. However, a month-on-month assessment does not corroborate the deceleration suggested by the annual figures, as industrial production expanded 0.08% in seasonally adjusted terms, which contrasted the 0.58% contraction recorded in August. The trend continues to point downwards, with annual average growth in industrial output declining from 10.2% in August to 9.3% in September, which marked the slowest pace since November 2010.
Author: Ricardo Aceves, Senior Economist