Czech Industrial Output Recovers, Trade Balance Swings To Surplus

Published: 30.12.2023 Related countries:  Czech Republic Czech Republic

Czech economy is on its path to recovery.

The Czech Republic's industrial production expanded for the first time in four months in October, driven by stronger output from the manufacturing and utility sectors, data from the Czech Statistical Office revealed in December.

Separate data showed that the foreign trade balance turned to a surplus from a deficit in the previous year as exports rose amid a fall in imports. Industrial production rose a working-day-adjusted 1.9 percent year-on-year in October, reversing a 4.9 percent fall in the previous month.

Manufacturing output recovered 2.1 percent annually in October versus a 3.7 percent decline a month ago. Similarly, output produced in the utility sector grew 3.4 percent, in contrast to a 17.4 percent plunge in September. On the other hand, mining and quarrying output contracted sharply by 15.2 percent.

Construction output dropped 0.9 percent in October from last year, following a 0.4 percent fall in the prior month.

In a separate report, the Czech Statistical Office said the trade balance of the country turned to a surplus of CZK 12.8 billion in October from a CZK 25.8 billion deficit in the corresponding month last year. In September, the trade balance showed a surplus of CZK 11.8 billion. Exports logged an annual increase of 3.8 percent in October, while imports slid by 5.7 percent. On a monthly basis, exports climbed by a seasonally adjusted 0.6 percent, and imports were 1.0 percent lower. 

Delivered by Czechtrade team Canada
Source: RTT New