Czech Industrial Output Growth Improves, Trade Gap Narrows Sharply

The Czech Republic's industrial production expanded at the fastest pace in three months in December, led by an accelerated growth in manufacturing output, data from the Czech Statistical Office revealed on Monday.

Separate data showed that the foreign trade deficit narrowed markedly in December, as exports grew more rapidly than imports.

Industrial production climbed a working-day adjusted 4.0 percent year-on-year in December, much faster than the 0.5 percent rise in November. Production has been rising since May 2022.

Manufacture of motor vehicles, trailers and semi-trailers, in which production due to a lower comparison basis rose by 30 percent, yearly, contributed the most significantly to the increase, the agency said.

Manufacturing output increased by 4.8 percent in December, outpacing the 2.3 percent increase recorded the previous month.

On the other hand, electricity, gas, steam, and air conditioning output showed a fall of 0.7 percent but recovered well from a 13.0 percent plunge in November. Data also showed that mining and quarrying production dropped by only 0.4 percent.

On a monthly basis, industrial production rose a seasonally adjusted 0.2 percent in December.

During the year 2022, overall industrial production grew 1.7 percent compared to last year, equalised with the pre-covid level of production from the year 2019. This upturn was largely attributed to the manufacture of motor vehicles, where production increased by over a tenth.

Construction output decreased 0.2 percent yearly in December, following a 0.8 percent fall in the prior month. Compared to November, construction output was 1.2 percent higher.

In a separate report, the Czech Statistical Office said the trade deficit for December was CZK 1.2 billion, down considerably from CZK 16.3 billion in the corresponding month last year.

In November, there was a shortfall of CZK 24.5 billion.

Exports logged an annual growth of 8.9 percent in December, and imports climbed 3.9 percent.

On a monthly basis, both exports and imports fell by a seasonally adjusted 0.8 percent and 6.8 percent, respectively.

In 2022, the total trade deficit of the country stood at CZK 198.1 billion, which was CZK 189.2 billion larger compared to 2021.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ford Motor Co. has once again raised the price of its popular F-150 Lightning electric pickup truck after the automaker resumed its production that was halted following electric vehicle battery fire incident. The company will also resume shipments of the Lightning this week, reports said. Paducah, Kentucky-based Higdon Outdoors LLC is recalling certain battery packs and replacement batteries citing fire and/or burn hazards, the U.S. Consumer Product Safety Commission said. The recall includes lithium-ion battery packs and replacement batteries on XS Series Pulsators, Swimmers, Crazy Kicker, and Flasher motion decoys used for waterfowl hunting. New York-based Delta Enterprise Corp. is recalling about 43,380 units of 2-in-1 outdoor kids swings citing fall hazard, the U.S. Consumer Product Safety Commission said. This recall involves 2-in-1 Outdoor Kids Swing with model numbers SW86508MM, SW86516MN, SW86575MM, SW86576MN and SW86577PW.
Follow RTT