Czech industry plunges by 23 percent in January

Industrial production in the Czech Republic dropped by more than 23 percent year-on-year in January, decreasing for the fourth month in a row, according to government figures released on Monday. A decrease in production of transport machinery and equipment, along with a fall in construction, were the major factors behind the plunge. Meanwhile, civil engineering was one of the few industries that registered an increase. The average monthly wages in industry rose by two percent to just over 23,000 crowns, or more than 1,170 US dollars. Employers fear however that the unemployment rate could reach 10 percent by the end of the year.