08 November 2011 16:33 [Source: ICIS news]
LONDON (ICIS)--Weaknesses in the Czech Republic's latest industrial production figures, including a 0.4% year-on-year September decline in chemical output, show how western Europe's economic malaise is hurting the country's export-led economy, Erste Group Bank said on Tuesday.
The chemical production decline, which contrasted with a 12.3% year-on-year growth recorded in the same month of 2010, was part of an overall picture in which industrial production in September moved up by 2.5% compared with a year-on-year gain in August of 5.9%, according to the Czech Statistical Office.
The figures showed that so far the Czech economy had proved relatively resilient in the face of western Europe's economic woes in 2011, Erste said.
However, with exports accounting for 80% of Czech GDP, industry in the Czech Republic could quickly find itself in difficulty should its key export markets, particularly neighbouring Germany, be hit by further economic decline, it added.
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