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Czech manufacturing shrank in April, after two months of expansion, as new export business declined for a sixth month, an industry gauge showed.
The HSBC Czech Republic Manufacturing PMI fell to 49.7 from 52.1 in March, the bank said today in an e-mailed report. A result greater than 50 signals improvement in manufacturing performance.
“Driving the overall weakening in the business climate in April was a fall in the volume of new work received,” the bank said in the report, compiled by Markit, a financial information services company. “New export orders fell for the sixth successive month.”
Czech economic growth depends on demand for its products from the European Union, which buys about 80 percent of the country’s exports with Germany accounting for a third. The economy returned to a recession in the second half of last year as government spending cuts outweighed demand abroad for Czech- made vehicles, car parts and electronics goods.
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