Industrial output in 2024 fell by 1.4 % yoy and the value of new orders increased by 2.8 %. However, Czech industry fared better than the EU average. Construction output fell by 2.4 % yoy, while the value of new construction orders grew by 16 %.
"Industrial production in 2024 deepened its year-on-year decline from the previous year, falling by 1.4 %. This is mainly due to lower demand for products from the machinery and equipment manufacturing sector and lower output from the basic metals, metallurgy and foundry sectors. Meanwhile, both production and the value of new orders fell in both these sectors," he says Veronika Doležalová, Head of the Industrial Statistics Department of the Czech Statistical Office.
The volume of industrial production in 2024 was 0.5 % lower than in 2021, and last year's production was 1.1 1 % lower than in the year before Christmas 2019. Output also fell in the manufacture of motor vehicles, trailers and semi-trailers. However, the value of new industrial orders in this sector rose year-on-year at current prices. The production of computers, electronic and optical instruments and equipment and the manufacture of other transport equipment also contributed to the increase in orders. In the latter sector, the value of new orders increased by a quarter year-on-year and was mainly long-term contracts for the manufacture of rolling stock. However, the growth rate in the value of new orders gradually declined over the course of 2024, with the value of new orders in the last quarter of 2023.
Czech industry fared better than the EU average, where industrial production fell by 2.5 % year-on-year in the first eleven months of last year. Its decline in the Czech Republic was about half as much in the same period. In Germany, production fell by almost 5 % year-on-year in the same period.
The Czech construction sector was below the EU27 level in 2024, similar to Germany, Poland and Slovakia. "Construction output fell by 2.4 % y-o-y in 2024, driven by a decline in civil engineering. Civil engineering construction remained at the previous year's level. The indicative value of building permits issued declined slightly last year, but new construction recorded a year-on-year increase due to the construction of residential houses. Residential construction in the completion phase was then in decline in all categories," Says Petra Cuřínová, Head of the Construction and Housing Statistics Department of the Czech Statistical Office. The volume of new construction orders reached CZK 387 billion and grew by 16 % year-on-year. Thus, there is an assumption of future moderate growth.
CSO/ gnews - RoZ
ILLUSTRATIVE PHOTO - gnews
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