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Financial News: Czech Industrial Production Recovers, Trade Surplus Grows

Czech Industrial Production Recovers, Trade Surplus Grows

04/08/2024 - 06:50:00 (RTTNews)

(RTTNews) - The Czech Republic's industrial output expanded for the first time in four months in February on the back of robust growth in manufacturing, data from the Czech Statistical Office revealed on Monday.

Separate data showed that the foreign trade surplus grew sharply in February from a year ago as exports rose faster than imports.

Industrial production advanced a working-day-adjusted 0.7 percent year-on-year in February, reversing a 0.4 percent decrease in January. Meanwhile, economists had expected a further decline of 0.3 percent.

The recovery in February was driven by 2.3 percent growth in the manufacturing sector. On the other hand, mining and quarrying output plunged 19.3 percent annually in February, and that of the utility segment dipped by 10.1 percent.

Data showed that construction output recovered strongly by 3.6 percent annually in February versus a 5.9 percent decline a month ago.

On a monthly basis, industrial output increased 1.9 percent in February.

In a separate report, the Czech Statistical Office said the trade surplus of the country rose to CZK 34.6 billion in February from CZK 14.8 billion in the corresponding month last year.

In January, the trade balance showed a surplus of CZK 5.5 billion.

Exports logged an annual increase of 10.2 percent in February, and imports were 4.9 percent higher.

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