Czech Manufacturing PMI Contracts in January

Analysis

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The Czech Republic manufacturing Purchasing Managers' Index (PMI) increased to 44.6 in January of 2023 from 42.6 in the previous month, survey data from S&P Global show, pointing to the eighth straight month of contraction in manufacturing activity.

This signaled a further sharp deterioration in operating conditions across the manufacturing sector at the beginning of 2023, as new orders and international sales contracted again.

For this reason, manufacturers decreased their employment level, purchasing activity and pre-production inventories.

The latest decrease in new orders originated weak domestic and external demand conditions. On the price front, cost pressures eased, mainly energy costs, and were among the least marked since November 2020.

Nonetheless, Czech goods producers registered renewed optimism regarding the outlook for output over the coming year due to rising hopes of an uptick in demand, the acquisition of new clients, and new product launches.

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