Financial News: Czech Industrial Production Growth Eases; Trade Balance Tu

Czech Industrial Production Growth Eases; Trade Balance Turns To Deficit

(RTTNews) - The Czech Republic's industrial output growth moderated for the second straight month in August, while the country's trade balance turned to a deficit from a surplus in the previous year, separate reports from the Czech Statistical Office revealed on Wednesday.

Industrial production climbed a working-day-adjusted 2.6 percent year-on-year in August, slower than the 3.1 percent increase in July.

Among sectors, there was a 2.7 percent growth in the manufacturing sector. Output produced in the utility sector advanced 2.0 percent annually, though much slower than July's 10.8 percent surge. Meanwhile, the contraction in the mining and quarrying sector eased to 0.1 percent from 11.9 percent.

On a monthly basis, industrial production rose 0.3 percent.

The trade balance showed a shortfall of CZK 5.3 billion in August compared to a surplus of CZK 0.3 billion in the corresponding month last year. In July, it was a deficit of CZK 9.7 billion.

The negative developments in trade balance were mainly due to the deepening of the trade deficit in crude petroleum and natural gas and in coke and refined petroleum products.

Exports climbed 8.5 percent year-over-year in August, and imports were 10.2 percent higher.

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