Czech industry recorded growth 14.9% in March

Published: 10.05.2021 Related countries:  Indonesia Indonesia

Czech export expected to grow by double digits in 2021

Industrial production in the Czech Republic grew by 14.9% y/y in real terms in March 2021. It was higher by 3.2% m/m. The value of new orders increased by 23.0% y/y. The Czech Statistical Office informed that the high annual growth in production was recorded mainly in sectors that have been hit by a complete closure since mid-March last year (2020) and which are also very closely linked. That is the production of cars, where production increased by 47% y/y, the production of rubber and plastic products with a growth of 22% and the production of electrical equipment.

Export on the rise

The Export Index (IE), predicting the development of Czech exports based on statistical data, promises a double-digit increase in Czech exports in the next three months. Among other things, a low comparative base will have a positive effect. Raiffeisenbank chief economist Helena Horská said that the export’s expansion to a precoronavirus level would be hindered mainly by lacking material and equipment for production. Association of Exporters vice chairman Otto Daněk added that inflation and corrosion of supplier-purchaser chains could also pose a risk.

Source: https://www.cianews.cz/en

Prepared by the team of CzechTrade Jakarta