According to the data released today by the Czech Statistical Office, industrial output was up by 7.6% y/y in November, and met market expectations. Thus the trend of the very fast rise in industrial output, driven particularly by the automotive and electrical industries, which alone made up more than half of November’s rise in the entire industrial sector’s output, continues.
Compared to October, the rise in output is apparently much slower but October’s figure was greatly influenced by two extra business days. Not only output but also sales of industrial enterprises, with an increasing proportion of enterprises under foreign control, which has reached 60%, rose rapidly in November. Since the beginning of last year, real industrial output has increased by 10.3%. If we allow for a slightly worse than expected figure for December, stemming from a lower number of working days, last year’s industrial output was up by almost 10%, in our opinion, thus exceeding the record-breaking figure for 2004.