All analysis from category Macro comment
Macro comment
PMI in May: decline in new orders
In May, the Business Conditions Index remained below the neutral value of 50 points for the third consecutive year, indicating a decline in economic activity among companies.
Macro comment
Unemployment in April: Root Causes and Hidden Problems
April typically sees a higher take-up of seasonal work, leading to lower overall unemployment. This year was different.
Macro comment
Retail sales in March: growth of non-food goods continues
Retail sales had risen for the 16th month in a row in March on a year-on-year basis and did not appear to be turning around this year due to growth in real household incomes.
Macro comment
CNB: Lower inflation and risks to GDP have opened the way to lower interest rates
After a short pause, the CNB has returned to cutting interest rates. However, it still remains slightly behind the optimal interest rate path. However, the CNB's new forecast already admits that rates will fall below the neutral level of 3 per cent.
Macro comment
Foreign trade in March: Slight improvement in exports and imports
Demand abroad and at home may be reviving, but it is not a sprint. Foreign trade transaction volumes clearly demonstrate this. Exports are up 6.0 per cent year-on-year, while imports are up 8.8 per cent. However, March had one more working day than last year. The trade surplus reached CZK 32.5 billion, which is CZK 8 billion less than in March last year.
