Czech PMI Continues to Shrink in February

Analysis

The S&P Global Czech Republic manufacturing PMI fell slightly to 44.3 in February of 2023 from 44.6 in January, pointing to the 9th straight month of contraction in manufacturing activity, survey data on Wednesday show.

The latest reading signaled a further sharp deterioration in operating conditions in the Czech manufacturing sector.

Output declined and a sharp contraction was also seen in new orders. On the price front, rates of input cost and output charge inflation eased further amid reports of lower prices for some raw materials. Suppliers' delivery times also continued to worsen in spite of a marked contraction in input buying across the manufacturing sector.

Meanwhile, employment level declined significantly, with the rate of job shedding quickened due to firms seeking to cut costs amid reduced production requirements and subdued client demand.

On a positive note, business confidence improved in February, with firms' optimism about next year's output outlook.

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