Czech industrial production fell by 0.9% month-on-month and the year-on-year decline slightly increased to -5.5%, mainly due to weaker production in the automotive sector, an ING report shows.
Since the start of the year, Czech industry has dropped by 12%.
New orders in industry were also not favourable, as their year-on-year decline intensified from -3.6% in July to almost 10%, which was mainly driven by a decline in foreign orders (-11.1 YoY).
”Although September’s industry-leading indicators were rather positive, both in Czech industry as well as in Germany, the advent of the second wave of the epidemic will hamper further industrial recovery”, the report shows.
From January to August, Czech industry fell by 12.2% year-on-year, but the overall decline should gradually fall below 10% by the end of the year, despite the second wave of the Covid-19 outbreak.
