All analysis from category Macro comment
Macro comment
Retail sales in May: the imaginary bottom of the sales decline
Retail sales fell in May for the thirteenth month in a row on a year-on-year basis. The rate of decline is slowing down due to, among other things, a low comparison base.
Macro comment
Industry in May: growth driven by car production, foreign trade in May: again in surplus
Industrial production rose by 1.6% month-on-month and was 1.4% higher year-on-year on a calendar-adjusted basis. The result was somewhat tempered by new orders, which fell by 4.4% yoy.
Macro comment
State budget in June: one-off budget improvement
In January-June, the central government ran a deficit of CZK 215 billion. In June alone, the budget was in surplus by CZK 56 billion. Although the twelve-month balance has fallen, it still remains an appalling CZK 393 billion and we are nowhere near the full-year target of CZK 295 billion.
Macro comment
Purchasing Managers' Index in June: the situation in industry is deteriorating, the cause is on the demand side
Conditions in the Czech manufacturing industry have deteriorated again. The Manufacturing Purchasing Managers' Index fell by 2 points in June to 40.8 pts. This is the largest deterioration in operating conditions since May 2020.
Macro comment
Consumer prices in May: Disinflation goes on
As expected, inflation is easing and a return to single digits is in sight. The consumer price index rose 0.3 percent month-on-month in June. Year-on-year inflation fell from 12.7 to 11.1 percent. Core inflation has already fallen below 10 percent.
