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Financial News: Czech Industrial Output Rebounds; Trade Balance Logs Defic

Czech Industrial Output Rebounds; Trade Balance Logs Deficit

07/07/2022 - 08:47:00 (RTTNews)

(RTTNews) - The Czech Republic's industrial production expanded for the first time in four months in May, data from the Czech Statistical Office revealed on Thursday.

Separate data showed that the trade balance swung to a deficit in May, as imports increased more than exports.

Industrial production rose a working-day adjusted 3.3 percent year-on-year in May, reversing a 3.8 percent fall in February. Meanwhile, economists had forecast a stagnant change for the month.

Mining and quarrying output advanced sharply by 8.2 yearly in May, while production in the manufacturing sector rose 3.4 percent.

Electricity, gas, steam and air conditioning output showed an increase of 1.1 percent.

On a monthly basis, industrial production rose a seasonally adjusted 2.4 percent in May.

Data also showed that industrial orders were 9.0 percent higher in May compared to last year.

Construction output expanded 3.3 annually and by 0.4 percent monthly in May, the statistical office said in a separate report.

In a separate communiqué, the Czech Statistical Office said the trade balance registered a deficit of CZK 23.25 billion in May versus a surplus of CZK 3.11 billion in the same month last year.

In April, the trade balance showed a shortfall of CZK 27.0 billion.

Exports climbed 18.1 percent annually in May, while imports grew at a much faster rate of 26.3 percent.

On a monthly basis, exports increased by a seasonally adjusted 4.6 percent and imports rose by 2.7 percent.

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