Industrial output slumps in February by 23.4% year-on-year

Czech industrial output slumped by 23.4 percent on a 12-month basis in February, marking the fifth fall in a row, official data showed on Tuesday. The decline was mostly due to a drop in car production, which is usually the engine of the Czech economy, and which fell in February by 27.9 percent. Metals and machinery production also slumped, the Czech Statistical Office said. Industrial sales dropped by 20.6 percent year-on-year, while the value of new contracts was 24.7 percent lower. Month-on-month, Czech industrial output slid by 0.2 percent in February, statisticians said.