Economic policy / Macroeconomic Indicators, Economic Growth
This section reports on economic policy initiatives of the Czech government, the EU, and other entities that have a direct impact on the competitiveness of the country. It also includes information on economic priorities of the AmCham and other leading associations.
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Spotlight issue
Czech industry weakened slightly at the beginning of the year
At the beginning of the year, industrial production weakened roughly as expected, as car production declined. Domestic orders fell sharply. We expect manufacturing to weaken for the entire first quarter. The brake is on the supply of components and restrictions for workers due to the pandemic. In the coming quarters, production growth should continue, reaching less than 10% for the whole year.
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Czech Republic: Retail sales weaker amid tighter restrictions
January retail sales fell more than expected in January given tighter pandemic restrictions, which were partially eased in December. The year-on-year rate showed a drop of 9.5% or -6.5% if adjusted for working days. Given the unfavourable pandemic situation, 1Q figures will remain weak
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Inflation continues to slow down gradually
Inflation slowed in February due to stagnant food prices but also due to a core component that does not include food prices. On the other hand, fuels prices became more expensive. The base effect will increase the annual inflation rate in the coming months. We still expect the CNB to raise rates in the last quarter of this year.
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