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Financial News: Czech Industrial Output Growth Eases Sharply; Trade Balanc

Czech Industrial Output Growth Eases Sharply; Trade Balance Logs Deficit

01/06/2023 - 08:11:00 (RTTNews)

(RTTNews) - The Czech Republic's industrial production expanded at the slowest pace in four months in November, largely due to a plunge in utility output, data from the Czech Statistical Office revealed on Friday.

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

Industrial production climbed a working-day adjusted 0.5 percent year-on-year in November, slower than the 3.1 percent rise in September. Production has been rising since May.

The overall increase in November was solely due to the positive development in the automotive segment, the agency said.

Among sectors, manufacturing output advanced 2.3 percent yearly in November, while mining and quarrying production fell 3.6 percent.

Meanwhile, electricity, gas, steam and air conditioning output showed a sharp fall of 13.0 percent.

On a monthly basis, industrial production rose a seasonally adjusted 3.1 percent in November.

Data also showed that construction output decreased 0.8 percent yearly and by 0.3 percent monthly in November.

In a separate communiqué, the Czech Statistical Office said the trade balance showed a shortfall of CZK 25.2 billion in November versus a surplus of CZK 1.89 billion in the corresponding month last year.

In October, there was a shortfall of CZK 20.3 billion.

Exports logged a double-digit annual growth of 10.8 percent annually in November, and imports were 18.7 percent higher.

On a monthly basis, both exports and imports rose by a seasonally adjusted 0.8 percent and 1.9 percent, respectively.

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