All analysis from category Macro comment
Macro comment
GDP in Q1 2023: The recession is over, growth has not started
The Czech economy is stalling. High inflation is still weighing on households. The decline in GDP has stopped, but growth is minimal. In Q1, GDP increased by 0.1 per cent compared to the previous quarter, or fell by 0.2 per cent year-on-year.
Macro comment
PMI in April: continued decline in new orders
Business conditions in April were below the neutral 50-point threshold marking a decline in business activity for the eleventh month in a row. On a month-on-month basis, there was an even sharper decline in firms' output and, unfortunately, a fall in new orders at home and abroad due to falling household demand. The seasonally adjusted manufacturing purchasing managers' index fell from 44.3 points to 42.8 points month-on-month in April.
Macro comment
Consumer prices in March: Expensive food, cheaper energy
Inflation is starting to lose momentum, but it is weakening only slowly. The consumer price index rose by 0.1 percent month-on-month in March. Year-on-year inflation slowed to 15.0 percent. Core inflation remains in double digits.
Macro comment
Industry in February 2023: Decline in orders and rapid wage growth
Industrial production increased by 0.4 percent month-on-month in February and rose by 2.0 percent year-on-year. Of the key sectors, only the automotive industry fared well, with production up 25.2 per cent year-on-year. However, it should be remembered that we are comparing ourselves to months when production was severely constrained by shortages of chips and other parts. Without the positive impact of the automakers, the overall industry statistics would likely have shown a year-on-year decline.
Macro comment
Purchasing Managers' Index in March: Decline in production and orders
The beginning of this year has not been very favourable for Czech companies, as indicated by the March Purchasing Managers' Index. The index remained unchanged last month and, as in February, reached 44.3 points, which, incidentally, is the lowest value compared to other countries where this indicator has already been published.
