Czech industrial output rises more than expected in April on auto sector.

By bne IntelliNews June 7, 2012
Czech industrial output expanded at a faster rate than expected thanks mainly to rising automotive production, data from the statistics office showed. Industrial production rose by 2.2% y/y in April 2012, following a revised 0.1% hike in March and beating analysts' expectations for a 1.3% growth in a Reuters poll. Production adjusted for seasonal effects edged up 0.1% m/m. Motor vehicles remained the main growth driver, though their annual growth slowed to 8.3% in April from 11.9% in March. The electricity, gas, steam and air conditioning supply sector ranked second contributing with 1pp to the total growth and registering an annual rise of 12.3%. The steepest decline of 19% y/y was registered in the production of computer, electronic and optical products. Overall, production in the manufacturing industry expanded by 1.5% y/y in April, faster than Marchs 0.3% increase. The mining and quarrying industry continued to contract in April decreasing by 3.5% y/y, following an annual drop of 1.7% a month earlier. Sales from industrial activity increased by 2.7% y/y in April, more than two times faster than in March when they grew by 1.3%. New industrial orders resumed growth in April rising by 0.4% y/y and following a 1.2% y/y fall in March. The growth was driven by foreign orders that were 7.5% higher on the year, while domestic orders slipped for the second month in a row and fell by 11.6% y/y in April. The number of industry employees rose by 0.1% y/y and the average monthly wage moved up 2.2% y/y to CZK 25,924 (EUR 1,015) in April 2012. IntelliNews comment: The Czech industrial output in April grew stronger than analysts had expected mainly thanks to foreign orders although their growth was below the double-digit figures at the first two months of 2012. The April industrial output figures are at a contrast with the recently published PMI index which showed that conditions in the Czech manufacturing industry in May were the worst in the past 33 months. Data on Czech retail sales in April also showed signs for subdued domestic demand with sales falling at their fastest rate in two years.

Czech industrial output rises more than expected in April on auto sector.

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