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Financial News: Czech Industrial Production Drops; Trade Balance Swing To

Czech Industrial Production Drops; Trade Balance Swing To Deficit

10/07/2021 - 05:17:00 (RTTNews)

(RTTNews) - The Czech Republic's industrial production dropped and construction output increased in June, data from the Czech Statistical Office showed on Thursday.

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

Industrial production declined a working-day adjusted 1.4 percent year-on-year in August, after a 6.8 percent rise in July. Economists had forecast a 2.6 percent growth.

Manufacturing output fell 1.0 percent yearly in August, while mining and quarrying output increased 10.2 percent.

Electricity, gas, steam and air conditioning declined 6.6 percent.

On a monthly basis, industrial production fell a seasonally adjusted 3.2 percent in August.

Industrial new orders increased 3.5 percent year-on-year in August.

Construction output rose a working-day adjusted 1.2 percent annually in August.

On a seasonally adjusted basis, the construction output rose 0.1 percent monthly in August.

Another report from the Czech statistical office showed that the trade balance registered a deficit of CZK 28.06 billion in August versus a surplus of CZK 7.499 billion in the same month last year. Economists had forecast a deficit of CZK 7.5 billion.

In July, the trade deficit was CZK 8.225 billion.

Exports rose 8.2 percent annually in August and imports grew 22.7 percent.

On a monthly basis, seasonally adjusted exports decreased 5.7 percent in August and imports fell by 1.5 percent.

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