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

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.

Disclaimer: Fusion Media I would like to remind you that the data on this website is not necessarily current or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges but by market makers, and therefore prices may not be accurate and may differ from the actual market price, which means that prices are indicative and not appropriate for trading purposes. Therefore Fusion Media assumes no responsibility for any business losses you may incur as a result of using this data.

Fusion Media or any person involved with Fusion Media shall have no liability for loss or damage as a result of reliance on the information including statements, quotes, charts and buy/sell signals contained within this website. Please be fully aware of the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investment.





Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button