Czech Republic: Industrial production soars in May
July 8, 2011
In May, industrial production expanded 15.2% over the same month last year, which more than tripled the 4.7% increase observed in April and beat market expectations of an 8.0% rise. The monthly expansion represented the fastest pace since January this year. The acceleration in May was broad-based, as the main categories of the industrial production index accelerated notably over the previous month. In particular, electricity, gas, steam and air conditioning supply, which rebounded to a 5.4% expansion in May, after four consecutive months of contractions. A month-on-month assessment confirms the strong growth suggested by the annual figures, as industrial output rose a seasonally adjusted 2.7%, above the 0.5% increase tallied in April. As a result of the strong expansion recorded in May, the trend suggests that growth in the industrial sector continues to perform well. Annual average growth in industrial output remained flat at April's 11.1%, after having fallen from 11.7% in March.
Author: Ricardo Aceves, Senior Economist