Industrial production fell by 1.1% m/m in August on a seasonally adjusted basis. This resulted in a stronger decline of 0.7% yoy, above the annualized decline of 6.5% over the past three months (which would be the future twelve-month yoy growth if the monthly momentum of the past three months were maintained). Construction output then rose by 2.3% yoy. As a result, we observe its stronger y/y growth of 20.2%, below the annualized growth of 30.7%.Retail sales excluding autos rose 0.6% m/m in August on a seasonally adjusted basis, while sales in the core segment (excluding food, fuel and autos) rose 0.7% m/m on a seasonally adjusted basis. This resulted in stronger retail sales growth of 3.7% y/y, above the annualized growth of 2.6%. Year-over-year core sales growth strengthened to 4.2%, above annualized growth of 2.7%.Services sales (both consumer and business) rose 0.2% m-o-m in August on a seasonally adjusted basis. As a result, we observe stronger year-on-year growth of 1.8%, above the annualized decline of 2.1%. \The latest available data show industrial production 1% below the January-February 2020 pre-Covada level. Other sectors show the following differences to the pre-Covada period: 1.6% for retail sales excluding autos (7.2% for its core segment), 6.1% for services sales and 10.5% 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