The IHS Markit Czech Republic Manufacturing PMI for October has signalled the strongest expansion in Czech manufacturing business sentiment recorded since April 2011.
The index, released on November 1, soared thanks to expanding output and new orders, with the headline PMI registering 58.5 in October from the 56.6 recorded for September and the 53.3 seen a year ago. Anything above the 50 point mark indicates expansion.
The data also showed that new orders received by Czech manufacturers increased at the fastest pace in over three years. Export sales climbed at the fastest pace since January 2015.
Inflationary pressures continued to rise, however, with output prices moving up to their strongest rate in 6-1/2 years. On November 2, the Czech central bank introduced its second main interest rate hike this year, pushing the rate to 0.50%.
Commenting on the Czech Republic Manufacturing PMI survey data, Sian Jones, an economist at IHS Markit, said: “IHS Markit currently forecasts industrial production to increase by an annualised 5.9% in the fourth quarter, rounding off a strong year. Furthermore, the upturn in new business was the fastest since May 2014.
She added: “Although labour shortages are still reportedly commonplace, a sharp rise in outstanding business pushed job creation to an eight-month high. Inflationary pressures remained prominent, with both input price and output charge inflation accelerating to marked paces.”
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