Czech industrial output dropped by 1.7% y/y in August
Czech industrial production decreased by 1.7% year on year and increased by 0.2% month on month, moderating the y/y drop in August, while most of the industrial sectors yielded negative figures.
“August results of industry were very similar to those in July,” Radek Matejka of the Czech Statistical Office (CZSO) commented. They fell by 2.8% y/y and by 2.6% m/m in July.
“The decrease in industrial production was most contributed to by electricity, gas, steam and air conditioning supply,” Matejka highlighted, adding that “manufacture of other non-metallic mineral products, especially manufacture of building materials and glass” also contributed to the drop.
The manufacture of basic metals registered a double-digit decrease, while manufacturing motor vehicles, trailers and semi-trailers was the most significant growth contributor.
The value of new orders decreased by 4.2% y/y. Non-domestic new orders dropped by 3.4% y/y, and domestic new orders by 5.5% y/y.
Y/y “the value of new orders is already decreasing for the fourth month in a row,” driven down by “manufacture of basic metals and manufacture of chemicals and chemical products,” where it decreased by “almost a fifth,” Veronika Dolezalova of CZSO highlighted.
CZSO also released August figures in construction, where the output decreased by 0.2% y/y and increased by 2% m/m.
“Construction output was stagnating,” Matejka commented and pointed out that building construction “production increased by 0.6%.”
Authorities issued 8.4% fewer building permits y/y, while the approximate value of authorised constructions increased by 31% y/y. At the same time, the number of started dwellings decreased by 23.1% y/y and the number of completed dwellings decreased by 21.8% y/y.
Russian service providers recorded a modest expansion in business activity during November, according to the latest PMI survey from S&P Global, but the rate of growth slowed somewhat from October.
Largest number of jobs created in construction, IT&C and hospitality sectors.
Czechia remains the only EU country not to have recovered its pre-pandemic level of output.
Independent group ENAG calculates 129% y/y.
Hungary’s economy grew 0.9% quarter-on-quarter in the third quarter, after four consecutive months of contraction.
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