Industrial production rose by 1.7% m/m in February on a seasonally adjusted basis. This resulted in stronger growth of 0.5% y/y, below the annualized growth of 13% (which would be the future twelve-month annual growth if the month-on-month momentum of the last three months is maintained). Construction output then fell by 0.6% m/m. Because of this, we see it growing at a stronger 6.8% y/y, below the annualized growth of 14.4%.Retail sales excluding autos were up 0.4% m/m in February on a seasonally adjusted basis, while sales in the core segment (excluding food, fuel and autos) were up 0.5% m/m on a seasonally adjusted basis. This resulted in a more modest 2.7% y-o-y growth in retail sales, below the annualized growth of 5.3%. Year-over-year growth in core sales moderated to 3%, below annualized growth of 3.7%.Services sales (both consumer and business) fell 0% m-o-m in February on a seasonally adjusted basis. As a result, we observe them growing at a more moderate 1.8% y/y, which is below the annualized growth of 7.8%.
This available data shows a level of industrial production 0.7% above the January-February 2020 pre-forecast level. Other sectors show the following differences to the pre-forecast period: -0.4 for retail sales excluding autos (3.8% for its core segment), 6.7% for services sales and 0% 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