Czech Republic: Industrial output drops in May
July 8, 2013
In May, industrial production declined 2.2% over the same month last year, which contrasted the 0.5% increase tallied in April and exceeded market expectations of 2.0% contraction. According to the statistical office, the contraction was led by a deterioration in both mining and quarrying and manufacturing output.
However, a month-on-month comparison does not confirm the contraction suggested by the annual data, as industrial production rose a seasonally adjusted 0.7% in May, which contrasts the 0.6% fall observed in the April.
Meanwhile, the trend halted its downward trajectory, with the annual average variation in industrial production remaining at minus 2.9% in April.
FocusEconomics Consensus Forecast panellists expect industrial output to expand 1.3% in 2013, which is unchanged from last month's forecast. For 2014, panellists expect industrial output to accelerate to 4.1%.
Author: Ricardo Aceves, Senior Economist