Thursday, February 14, 2008

Czech Industrial Output December 2007

Czech industrial production slowed for a second consecutive month in December as faltering demand in western European countries and a rising koruna curbed Czech exports. Industrial production rose 2.9 percent, compared with an advance of 6.7 percent a month before, bringing the full-year increase to 8.2 percent, the Prague-based Czech Statistical Office said earlier today.

Economic growth in Germany, the No. 1 Czech trading partner, slowed to 0.3 percent in the fourth quarter from 0.7 percent in the third quarter. Expansion of industrial output, which is mostly destined for export, is expected to ease to about 5 percent this year, with the record-strong koruna, scarcity of workforce and rising salaries also contributing to the decline.

Czech December exports were up 5.2 percent on the year, the slowest pace since April 2006.

The average hourly wage jumped 11.3 percent in December. The number of people working in the industry grew 1.2 percent in the last month of 2007. Labour productivity increased 0.5 percent, compared with 5.5 percent in November.

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