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Financial News: Czech Industrial Production Growth Eases; Trade Deficit Wi

Czech Industrial Production Growth Eases; Trade Deficit Widens

12/07/2022 - 09:30:00 (RTTNews)

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

Separate data showed that the foreign trade deficit widened sharply in October, as imports grew faster than exports.

Industrial production climbed a working-day adjusted 3.1 percent year-on-year in October, well below the 8.3 percent rise in September.

The overall increase in October was solely due to the development in production of motor vehicles, the agency said.

Among sectors, manufacturing output advanced 6.2 percent yearly in October, while mining and quarrying production fell 1.4 percent.

Meanwhile, electricity, gas, steam and air conditioning output showed a sharp fall of 20.2 percent.

On a monthly basis, industrial production dropped a seasonally adjusted 3.7 percent in October.

Data also showed that construction output increased 1.0 percent yearly and by 1.8 percent monthly in October.

In a separate communiqué, the Czech Statistical Office said the trade deficit widened to CZK 26.8 billion in October from CZK 16.8 billion in the corresponding month last year.

In September, there was a shortfall of CZK 14.1 billion.

Exports logged a double-digit annual growth of 17.2 percent annually in October, and imports were 19.2 percent higher.

On a monthly basis, both exports and imports fell by a seasonally adjusted 2.6 percent and 1.8 percent, respectively.

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