15.03.2024 Industry - January 2024

Industrial production in January 2024 remained unchanged in real terms, year-on-year (y-o-y), in comparison with January 2023. In the month-on-month (m-o-m) comparison, it was by 2.3% lower. The value of new orders decreased by 2.7%, y-o-y.

Industrial production was in real terms by 2.3% lower, m-o-m, in January 2024. “Industrial production stagnated, year-on-year, in January 2024, and was approximately on the same level as in 2021 . Manufacture of motor vehicles, trailers and semi-trailers kept growing. Deeper slumps continued to be recorded in coal mining, manufacture of basic metals, and manufacture of other non-metallic mineral products ”, Radek Matějka, Director of the Agricultural and Forestry, Industrial, Construction, and Energy Statistics Department of the Czech Statistical Office (CZSO), says. A decrease in manufacture of machinery and equipment continued, too. The growth with a double-digit rate, year-on-year, was recorded by some smaller economic activities (industries) of manufacturing as follows: manufacture of paper and paper products, manufacture of wearing apparel, or other manufacturing.

The value of new orders at current prices in surveyed industrial CZ-NACE activities decreased by 2.7%, y-o-y, in January 2024. Non-domestic new orders decreased by 2.5%, y-o-y; domestic new orders decreased by 3.1%. In the month-on-month comparison, the value of new orders was by 2.5% lower. “The value of new industrial orders declined, year-on-year. The decreasing trend observed during the second half of the previous year thus returned. Long-terms difficulties in manufacture of basic metals and a decrease in the demand in manufacture of machinery and equipment contributed the most considerably to the decrease, ” Veronika Doležalová, Head of the Industrial Statistics Unit of the CZSO, says. The value of new orders decreased in manufacture of motor vehicles, trailers and semi-trailers due to a higher comparison basis. The value of new orders only increased in manufacture of electrical equipment and in smaller industries as follows: manufacture of wearing apparel, of paper and paper products, and of basic pharmaceutical products and pharmaceutical preparations.

The average registered number of employees in industry decreased by 2.0%, y-o-y, in January 2024 .

According to data released by Eurostat, industrial production in the EU27 decreased by 5.7%, year-on-year, in January 2024. The biggest year-on-year decrease was recorded by Ireland (by 34.1%) and Estonia (by 8.6%). Performance of German industry decreased by 5.4%, Czech industry stagnated. On the other hand, Slovenian industry and Greek industry increased the most (by 12.2% and 10.5%, respectively). In terms of economic activities (industries) in the EU27, manufacture of computer, electronic and optical products decreased the most (by 27.6%) and the highest growth was recorded by manufacture of other transport equipment (9.2%).

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Notes:

Concurrently with publishing the results for January 2024, the base period for short-term statistics changed. Indices are newly compared to the average of the year 2021 (it was 2015 before); new weighting schemes have been used that were derived from the results of structural business statistics for the year 2021. For conversion to constant prices, new price indices have been used (also based on the year 2021). For seasonal adjustment, new models in the JDEMETRA+ programme were created. In compliance with the CZSO Data revision policy, concurrently with processing of data for January 2024, data for January through December 2023 have been revised. Time series have been recalculated in their whole length, back to January 2000.

In order to enhance quality and coherence of data outputs, presentation of data on the development of the number of employees and their wages changed. These data will not be regularly released with monthly periodicity starting from January 2024. For analytical purposes, they will be available until 31 December 2024. For data on employment and wages see the quarterly news release of the CZSO called Average wages.

January 2024 had the same number of working days as January 2023.

The year-on-year development of all indicators is published after having been adjusted for the influence of the number of working days. Month-on-month or quarter-on-quarter rates have also been seasonally adjusted. Contributions to an increase or to a decrease have been calculated from data that had been adjusted for the influence of working days.

Methodology: https://www.czso.cz/csu/czso/pru_m

Responsible head at the CZSO: Radek Matějka, Director of the Agricultural and Forestry, Industrial, Construction, and Energy Statistics Department, phone number: (+420) 736 168 543, e-mail: radek.matejka@czso.cz
Contact person: Veronika Doležalová, Head of the Industrial Statistics Unit, phone number (+420) 734 352 291 , e-mail: veronika.dolezalova@czso.cz
Method of data acquisition: direct survey of the CZSO ( Prům 1–12)
End of data collection: 1 March 2024
Related outputs: time series in the Public database, the Industry chapter
international comparison in EU countries: Eurostat
Next news release will be published on: 8 April 2024

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