-Czech automotive industry reaches pre-covid levels

Published: 14.02.2023 Related countries:  U.S.A. U.S.A.

Industrial output grew 1,7% last year, which leveled Czech car industry to its 2019 level of production.

According to the statistics bureau, industrial production in 2022 reached the level of production in 2019 before the Covid. Motor vehicle production, where output grew by more than a tenth year-on-year, had the biggest impact on this result.

Despite the growth, high inflation hit households at the end of the year, pushing the Czech economy into recession in the fourth quarter for the first time since 2020.

With component supply issues in the automotive sector far from resolved and energy prices still high despite some easing in recent weeks, analysts expect a bumpy road for the industry in 2023.

Presented by the team of employees of CzechTrade Austin, USA.
Source: www.reuters.com