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Financial News: Czech Industrial Output Falls Further; Trade Balance Swing

Czech Industrial Output Falls Further; Trade Balance Swings To Surplus

02/06/2024 - 06:34:00 (RTTNews)

(RTTNews) - The Czech Republic's industrial production declined for the second straight month in December, though at a slower-than-expected rate, data from the Czech Statistical Office revealed on Tuesday.

Separate data showed that the foreign trade balance turned to a surplus from a deficit in the previous year as imports fell faster than exports.

Industrial production contracted a working-day-adjusted 0.7 percent year-on-year in December, following a 2.7 percent decrease in November. The expected fall was 3.0 percent.

Mining and quarrying output contracted the most by 16.7 percent annually in December, and that of the utility segment dipped by 15.3 percent. Meanwhile, output produced in the manufacturing sector grew 1.9 percent lower.

Data showed that construction output decreased 4.6 percent annually in December, while it advanced 1.3 percent from a month ago.

On a monthly basis, industrial output expanded 2.8 percent at the end of the final quarter.

During the whole year 2023, overall indyustrial production was 0.4 percent lower compared with 2022.

In a separate report, the Czech Statistical Office said the trade balance of the country turned to a surplus of CZK 3.5 billion in December from a CZK 2.4 billion deficit in the corresponding month last year.

In November, the trade balance showed a surplus of CZK 29.4 billion.

Exports logged an annual decrease of 7.2 percent in December, and imports declined at a more intense pace of 8.9 percent.

The trade balance for the whole year 2023 was a surplus of CZK 122.8 billion versus a deficit of CZK 204.8 billion in 2022.

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