Financial News: Czech Industrial Output Rises Further; Trade Balance Turns

Czech Industrial Output Rises Further; Trade Balance Turns To Surplus

(RTTNews) - The Czech Republic's industrial production expanded for the second straight month in March on the back of strong manufacturing output, data from the Czech Statistical Office revealed on Tuesday.

Separate data showed that the foreign trade balance swung to a surplus in March from a deficit in the previous year as exports grew more rapidly than imports.

Industrial production climbed a working-day adjusted 2.2 percent year-on-year in March, slightly faster than the 2.0 percent rebound in the previous month.

Manufacturing output grew 5.2 percent annually in March versus a 2.6 percent gain in February.

On the other hand, mining and quarrying output plunged 20.0 percent, and that of electricity, gas, steam, and air conditioning supply fell by 18.0 percent.

Construction output contracted 6.0 percent yearly in March, which was worse than the 4.3 percent decline seen a month ago.

In a separate report, the Czech Statistical Office said the trade balance of the country turned to a surplus of CZK 15.9 billion in March from a deficit of CZK 12.2 billion in the corresponding month last year.

In February, there was a surplus of CZK 14.8 billion.

Exports logged an annual growth rate of 7.7 percent in March, while imports rose only 0.4 percent.

On a monthly basis, both exports and imports fell by a seasonally adjusted 0.3 percent and 0.6 percent, respectively.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2023 RTTNews.com. All Rights Reserved

Market News provided by RTTNews