All analysis from category Macro comment
Macro comment
Industry in May: pace of decline accelerates
Industrial production in May showed a year-on-year decline for the third month in a row, and the rate of decline is accelerating.
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.
