Industrial production rose by 0.8% m/m in July on a seasonally adjusted basis. This resulted in a more modest 0.1% yoy growth, above the annualized 6.4% decline of the last three months (which would be the future twelve-month yoy growth if the monthly momentum of the last three months were maintained). Construction output then rose by 1% m/m. As a result, we observe stronger year-on-year growth of 11.3%, below the annualized growth rate of 27%.Retail sales excluding autos fell by 0.3% m-o-m on a seasonally adjusted basis in July, while sales in the core segment (excluding food, fuel and autos) fell by 0.4% m-o-m on a seasonally adjusted basis. This resulted in a more modest 3% y/y growth in retail sales, above the annualized decline of 1.8%. Year-over-year growth in core sales moderated to 3.9%, above the annualized growth of 1.8%.Services sales (both consumer and business) fell 0.1% m-o-m in July on a seasonally adjusted basis. Because of this, we see them growing at a stronger annualised rate of 1.7%, above the annualized decline of 1.7%.
This available data shows a level of industrial production 0.3% above the January-February 2020 pre-forecast level. Other sectors show the following differences to the pre-forecast period: 1.1% for retail sales excluding autos (6.6% for its core segment), 6.3% for services sales and 7% for construction production.

CZSO

The index is in the form of a 3-month average. Data are in constant prices, adjusted for calendar and seasonal effects. Core retail trade corresponds to "retail trade for non-food goods", i.e. retail trade excluding cars, food and fuel.

Economics

Monthly

Industrial production
Gross domestic product development