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Czech Republic PMI May 2024

Czech Republic: Manufacturing PMI rises in May

The Czech Republic Manufacturing Purchasing Managers’ Index (PMI) rose to 46.1 in May from 44.7 in April. As a result, the index remained below the 50.0 no-change threshold, but signaled a softer deterioration in manufacturing-sector operating conditions compared to the previous month.

May’s milder deterioration was primarily due to output and new orders declining at softer rates. Despite ongoing weak demand, especially from key European export markets like Germany, production fell at the second-slowest rate in just over a year, and new export orders declined at the slowest pace in just over two years. This bottoming-out was supported by a rise in the availability of raw materials and inputs, as weak demand for goods led to a reduction in input buying.

On the topic of prices, input prices increased only marginally, indicating a softening of cost pressures. However, output charges rose at a quicker rate, marking the fastest pace in just over a year. Despite the challenging demand conditions, Czech manufacturers were more optimistic regarding the future, with the degree of confidence hitting the second-highest level in just over two years. This improvement reflected hopes of accessing new export markets and launching new products.

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