Czech Republic: Industrial production declines more than expected
January 7, 2013
In November, industrial production contracted 3.9% over the same month the previous year, which contrasted the 4.1% increased observed in October and exceeded market expectations of a 1.3% decline. The monthly deterioration was broad-based, reflecting sharp contractions in all three main sub-categories of the index.
A month-on-month comparison confirms the deterioration suggested by the annual figures, as industrial production dropped a seasonally adjusted 0.8% over the previous month, which followed the 0.7% decline recorded in October.
As a result of the monthly fall, the trend continues to point downwards, with annual average growth falling from 0.8% in October to 0.2% in November, the slowest pace since May 2010.
Author: Ricardo Aceves, Senior Economist