Czech production fell for a second month in September due to weak car production By Reuters – News Couple

Czech production fell for a second month in September due to weak car production By Reuters

© Reuters. FILE PHOTO: Cars are parked in the yard of the Skoda Auto plant in Mladá Boleslav, Czech Republic, as the company resumes production after being halted due to the coronavirus (COVID-19) pandemic. Photo was taken in Mladá Boleslav, Czech Republic, April

(Reuters) – The decline in Czech auto production in September led to the industry’s decline at the end of the third quarter amid factory closures due to a global chip shortage, the Czech Statistics Office said on Monday.

Production fell for the second month in a row and led the trend of lower production in central European economies that rely heavily on the auto sector. On Friday, Hungary reported the first year-on-year decline in industrial production since January.

Czech production fell by more than expected 4.0% y/y and 3.3% m/m.

The Census Bureau said industrial production growth in the third quarter slowed to 0.2% on an annual basis.

“September’s results in particular reflect the decline in production of automobiles and their parts,” said Radek Matijka of the Statistics Office. “However, this does not change the fact that many other (economic activities) in manufacturing are still fairly successful and their production is rising.”

According to the data, auto production fell by a third in September.

Toyota and Volkswagen Skoda Auto faced production halts in the month due to a lack of chips.

Preliminary data on October 29 showed that the recovery of the Czech economy slowed in the third quarter, posting year-on-year GDP growth of 2.8% after a 8.1% rise in the previous quarter.

Radomir Jacques, chief economist at Generali (MI:) Investments, said Central and Eastern Europe.

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