All analysis from category Macro comment
Macro comment
Trade balance in November: deficit widens
The balance of foreign trade ended in a deficit of CZK 25.5 billion in November, a year-on-year deterioration of CZK 29.4 billion. The twelve-month balance in November was CZK -214.3 billion, a deterioration by almost CZK 30 billion compared to October. Exports performed well, growing by 10.8% year-on-year, but imports grew even faster, by 18.7%.
Macro comment
Industry in November: stagnation at the end of the year
Industrial data from November show stagnation. The decline in production in many sectors is offset by growth in the automotive industry, but even there there is a gradual slowdown. There are not many positive prospects for the future in the current situation.
Macro comment
State budget in 2022: the second worst budget in history, along with the 2020 budget
Last year, the central government ran a deficit of CZK 360.4 billion, while in December alone the deficit was CZK 23.3 billion.
Macro comment
PMI in December: no improvement in conditions at the end of the year
Business conditions were below the neutral 50-point threshold marking a decline in business activity for the sixth month in a row in December. High inflation, declining production and falling new orders continue. The seasonally adjusted manufacturing purchasing managers' index rose slightly month-on-month in December from 41.6 points to 42.6 points. This situation is not expected to improve significantly even in the first half of 2023.
Macro comment
Consumer prices in November: Unstoppable inflation
The introduction of the savings tariff slowed but did not stop inflation. Rising energy prices pushed up the consumer price index by 1.2% month-on-month in November. Year-on-year inflation accelerated to 16.2%.
