Czech industrial output fell by 17.4 %(adjusted 16.1%) year-on-year in November 2008, and seasonally adjusted industrial output was 13 % lower, the Czech Statistical Office (CSU) said .
The drop was mainly due to a decline in production of transport vehicles and equipment which reached 30.3 %.
Month-on-month, seasonally adjusted industrial output was down 9.2 percent.
"The domestic industry is going down the hill and this fall is unprecedented in the modern history of the Czech Republic," chairman of the Czech Economic Chamber Petr Kuzel said.
Worse than expected
The data markedly surpassed even the most pessimistic market expectations.
Wages
The average nominal monthly wage in the industry grew by 2.4 percent year-on-year to Kc 24,843 in November 2008. (about $1200).
Eurostat
According to data released by Eurostat, the EU's statistical office, adjusted industrial output in the EU-27 dropped by 5 percent on the year in October 2008.
Among EU member states whose data were available, Spain registered the biggest fall in industrial output of 12.8 percent, followed by Estonia with a 11 percent fall and Ireland with a drop of 3.9 percent.
In Germany, industrial output fell by 3.8 percent.
Production in the industry increased only in Slovakia and Poland where it added only 0.1 percent.
http://praguemonitor.com/2009/01/15/czech-industrial-output-drops-174-november
Thursday, January 15, 2009
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