The Czech Republic's manufacturing downturn worsened at the end of the final quarter amid steep falls in new orders and output, survey data from S&P Global showed on Tuesday.
The purchasing managers' index, or PMI, for the manufacturing sector fell to 41.8 in December from 43.2 in November. Any reading below 50 indicates contraction in the sector.
A steeper decline in output and new orders drove the stronger downturn in December, both of which fell more rapidly than in November, the survey said.
New export orders were also impacted by weak demand in key markets, especially Germany.
In order to reduce costs, firms cut employment at a faster rate and ran down stocks.
On the price front, input costs continued to decrease in December, though at a slower pace. Similarly, firms lowered their output charges at a reduced pace.
Business confidence among Czech producers slipped in December on the backdrop of challenging demand conditions.
Economic News
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