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Financial News: Czech Industrial Outout Decline Worsens, Trade Surplus Gro

Czech Industrial Outout Decline Worsens, Trade Surplus Grows

07/08/2024 - 06:52:00 (RTTNews)

(RTTNews) - The Czech Republic's industrial production decreased for the third straight month in May due to a weaker manufacturing segment, data from the Czech Statistical Office revealed on Monday.

Separate data showed that the foreign trade surplus grew in May from a year ago as exports rose amid a stagnant change in imports.

Industrial production declined a working-day-adjusted 3.2 percent year-on-year in May, much faster than the 0.4 percent drop in April. Economists had expected a 0.6 percent fall for the month.

Among sectors, manufacturing output contracted 4.0 percent from last year, while mining and quarrying output managed to recover by 0.3 percent. The most positive contribution came from the utility sector, where production advanced by 7.0 percent.

Data showed that construction output decreased 6.8 percent annually in May versus only a 0.2 percent fall a month ago.

On a monthly basis, industrial output shrank by 2.2 percent in May.

In a separate report, the Czech Statistical Office said the trade surplus of the country rose to CZK 13.6 billion in May from CZK 9.2 billion in the corresponding month last year.

In April, the trade balance showed a surplus of CZK 32.3 billion.

Exports logged an annual growth of 1.2 percent in May, while imports remained flat.

Exports and imports of motor vehicles, computers, electronic devices, and optical devices increased the most in May, while the largest decreases on both sides of trade were recorded in electrical equipment and machinery and equipment, the agency said.

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