Industrial production fell by 1.6% m/m in May on a seasonally adjusted basis. This resulted in a more moderate 1.4% yoy growth, above the annualized decline of 1.1% (which would be the future twelve-month yoy growth if the month-on-month momentum of the last three months is maintained). Construction output then rose by 2.3% m/m. As a result, we see it growing at a stronger annualised rate of 9.7% y/y, above the annualized growth of 3.6%. This resulted in a more modest 4.9% y/y growth in retail sales, below the annualized growth of 8%. Year-over-year growth in core sales moderated to 5.8%, below annualized growth of 12.7%.Services sales (both consumer and business) rose 0.1% m-o-m in May on a seasonally adjusted basis. As a result, we are seeing stronger year-on-year growth of 3%, above the annualized growth of 1.1%. \The latest available data show industrial production levels 0.6% above the January-February 2020 pre-Covada level. Other sectors show the following differences to the pre-Covada period: 1.8% for retail sales excluding autos (7.2% for its core segment), 7.2% for services sales and 1.6% 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