(Bloomberg) -- The Czech Republic’s car output reached a new milestone in the first four months of the year, churning out more than a half a million automobiles in record time.
The nation’s three manufacturers produced 531,355 vehicles from January to April, a 14% increase over the same period last year, according to data from the Automotive Industry Association released Wednesday. In April alone, output of the European Union member’s state key export product rose 24% from a year earlier.
The Czech economy grew faster than expected in the first quarter on recovering household spending as policymakers continued to cut borrowing costs. Gross domestic product rose 0.5% from the previous quarter, the fastest pace in two years, according to preliminary figures.
Developments in the Czech Republic’s main industry confirm its strong competitive position and are “great news for the domestic economy,” Zdenek Petzl, the lobby group’s head, said in a statement. Still, the sector is closely watching the persistent risks in global supply chains, he said.
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