Bloomberg News

Czech January Manufacturing Shrinks for Third Month, PMI Shows

February 02, 2012

Feb. 1 (Bloomberg) -- Czech manufacturing worsened for a third month in January as the euro area’s debt crisis curbed demand for the country’s exports, an industry gauge showed.

The HSBC Czech Republic Manufacturing PMI fell to 48.8, compared with 49.2 in December, the bank said today in an e- mailed report. A result greater than 50 signals growth.

“A number of firms reported weakening demand from western European markets, and new export orders also fell for the third successive survey,” the bank said in the report, compiled by Markit, a financial information services company.

Czech economic growth depends on demand for its products from the European Union as the bloc buys about 80 percent of the country’s exports, with Germany accounting for a third. The Finance Ministry yesterday cut its forecast of 2012 gross domestic product growth to 0.2 percent, from 1 percent and said the outlook carried downside risks.

--Editors: Alan Crosby, Balazs Penz

To contact the reporter on this story: Peter Laca in Prague at placa@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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