PRAGUE (ČIA) – The industrial production in the Czech Republic grew by 2% y/y in December 2011, while the month-on-month drop, adjusted for seasonal influences, totalled 0.8%. The value of new contracts dropped 1.2% y/y. This stems from the data from the Czech Statistical Office. According to GE Money Bank’s analyst Petr Gapek, the decline of new contract is a negative sign for the future of industrial production. Domestic orders dropped the most, while foreign orders are growing. Mr. Gapek says that this year will probably be characterised by only moderate growth.