All analysis from category Macro comment
Macro comment
Retail sales in May: growth of non-food goods slows down
Retail sales had risen for the sixth month in a row in May on a year-on-year basis and were expected to continue rising thanks to rising real household incomes.
Macro comment
State budget in January-June: on track for full-year deficit of around CZK 250 billion
The state budget ended with a deficit of CZK 178.6 billion in January-June. This is an improvement of CZK 36.7 billion year-on-year. Expenditure is stagnating year-on-year, as there is no longer a need to pay support due to high energy prices. In contrast, tax revenue is up by 8.6% year-on-year.
Macro comment
PMI in June: continued decline in manufacturing
Business conditions were below the neutral value of 50 points in June for the twenty-fifth month in a row, indicating a decline in business activity.
Macro comment
CNB: Continuation of rapid monetary easing
This time it was more of a toss-up. Since the last interest rate change, two options for the next course of action have been considered in the financial markets and in the communications of the board members: slowing down and cutting interest rates by 25 basis points and continuing the pace of cuts by 50 basis points. The second option was preferred.
Macro comment
Consumer prices in May: The end of petrol price rises
Since the beginning of the year, petrol and diesel have continued to rise in price. This trend finally stopped in May, which also affected headline inflation. The consumer price index stagnated month-on-month in May. Year-on-year inflation slowed to 2.6 per cent.
