“Industrial production in September reached almost the level of last year. The favorable results were mainly due to the automotive industry, which tried to catch up with the decline of previous months,” said Iveta Danišová, head of the CZSO industry statistics department.
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Production of motor vehicles, trailers and semi-trailers increased by 4.9 percent in September. Food statistics were one tenth of a percentage point lower. Production of rubber and plastic products rose by four percent year on year.
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Ten percent drop
The September figures confirmed the favorable trend of industry recovery, which was due to solid developments abroad, ING Bank analyst Jakub Seidler pointed out. Due to the second wave of the coronary crisis, which is gaining strength in a number of European countries, but according to him, foreign demand will weaken again. This will hamper the recovery of the industry, but so far the domestic industry has not voluntarily closed its operations as in the spring, and will, unlike services, keep the economy in the last quarter of this year.
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“For the whole of this year, the industry will probably fall by almost ten percent, and the decline will be stronger than we expected during the summer,” he estimated.
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