Industry - February 2024

Car production supported increase in production and orders

08.04.2024
Code: 150153-24
 

Industrial production in February 2024 increased in real terms by 0.7%, year-on-year (y-o-y). In the month-on-month (m-o-m) comparison, it was by 1.9% higher. The value of new orders increased by 8.8%, y-o-y.

Industrial production was in real terms by 1.9% higher, m-o-m, in February 2024. In the year-on-year comparison, it increased by 0.7%. “Industrial production slightly increased in February, namely thanks to manufacture of motor vehicles, trailers and semi-trailers. The result was partially influenced by a lower comparison basis from February 2023. Also food and chemical industries contributed to the slight growth,” Radek Matějka, Director of the Agricultural and Forestry, Industrial, Construction, and Energy Statistics Department of the Czech Statistical Office (CZSO), says. The highest negative contribution to the development of industrial production belonged to manufacture of machinery and equipment. A decrease by a tenth in the industry of electricity, gas, steam and air conditioning supply was influenced by warm weather, lower consumption of gas, and a decrease in production in coal power plants. Coal mining decreased by almost a quarter, year-on-year.

The value of new orders at current prices in surveyed industrial CZ-NACE activities increased by 8.8%, y-o-y, in February 2024. Non-domestic new orders increased by 8.2%, y-o-y; domestic new orders increased by 9.9%. In the month-on-month comparison, the value of new orders was by 4.8% higher. “The growth of the value of new industrial orders was also influenced the most by manufacture of motor vehicles, trailers and semi-trailers. It was mainly due to a low comparison basis; however, orders increased in this industry also in the month-on-month comparison. Significant long-term contracts were concluded in manufacture of other transport equipment,” Veronika Doležalová, Head of the Industrial Statistics Unit of the CZSO, says. The value of new orders decreased, y-o-y, by almost a quarter in manufacture of basic metals, where a decrease in the demand for steel has been taking place for a long time, especially in construction, car industry, and machinery.

The average registered number of employees in industry decreased by 2.1%, y-o-y, in February 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 dropped by 0.4%. 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:
February 2024 had one working day more than February 2023. In compliance with the CZSO Data revision policy, concurrently with processing of data for February 2024, data for January 2024 have been revised.
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 the number of working days.
Concurrently with publishing the results for February 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.

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: 2 April 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: 7 May 2024

  •      apru040824.docx
  • Annexes:
  • Table 1 Industrial production (year-on-year indices)
  • Table 2 New orders in industry (year-on-year indices)
  • Table 3 Average registered number of employees and their average gross monthly wage
  • Chart 1 Industrial production index (base indices)
  • Chart 2 Industrial production index (year-on-year indices)
  • Chart 3 Industrial production index – international comparison (base indices)
  • Chart 4 Industrial production index – contributions of economic activities to the y-o-y change
  • Chart 5 New orders in industry – contributions of economic activities to the y-o-y change
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Published: 08.04.2024
The data are valid as of the release date of the publication.


Contact: Information Services Unit - Headquarters, tel.: +420 274 056 789, email: infoservis@czso.cz