Czech Republic: Industrial production falls to lowest level in more than three years
February 6, 2013
In December, industrial output plunged 12.5% over the same month the previous year, which represents the sharpest fall since July 2009. The monthly deterioration came in well below the 3.9% drop observed in November and exceeded market expectations that had production declining 11.0%. The monthly deterioration was mainly driven by a sharp contraction in manufacturing as well as in mining and quarrying.
On a monthly basis, industrial production fell 0.1% in December in seasonally adjusted terms. The drop, nonetheless, represents an improvement compared to the 0.8% decline recorded in November.
In the full year 2012, industrial production declined 1.1% compared to the previous year, which contrasted the 6.5% expansion observed in 2011.
Author: Ricardo Aceves, Senior Economist