Financial News: Czech Industrial Production Falls, Trade Surplus Grows

Czech Industrial Production Falls, Trade Surplus Grows

05/07/2024 - 04:59:00 (RTTNews)

(RTTNews) - The Czech Republic's industrial output decreased more-than-expected in March after recovering in the previous month, data from the Czech Statistical Office revealed on Tuesday.

Separate data showed that the foreign trade surplus grew sharply in March from a year ago as imports fell faster than exports.

Industrial production declined a working-day-adjusted 2.7 percent year-on-year in March, reversing a 0.7 percent increase in February. Economists had expected a drop of 0.5 percent.

Among sectors, mining and quarrying output contracted the most by 3.8 percent annually in March, followed by manufacturing production by 2.7 percent. Output produced in the utility sector was also 2.4 percent lower compared to last year.

Data showed that construction output plunged 8.3 percent from last year versus a 3.6 percent recovery a month ago.

On a monthly basis, industrial output declined by 1.6 percent in March.

In a separate report, the Czech Statistical Office said the trade surplus of the country rose to CZK 39.6 billion in March from CZK 17.0 billion in the corresponding month last year.

In February, the trade balance showed a surplus of CZK 36.5 billion.

Exports logged an annual decrease of 3.3 percent in March, and imports were 9.0 percent lower.

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