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 inflation slowed less than expected in January
While the market and the Czech National Bank expected January inflation to slow towards 1.7%, the actual figure surprised with growth of 2.2%. Volatile food prices were the surprising element again, but this does not change our view for a 2021 CPI slowdown and rate hike in the second half of this year
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Czech industry is expanding mainly thanks to cars
Industrial production grew again in December and the biggest driver was the production of cars. At the beginning of the year, we expect a slight weakening of production, but for the rest of 2021 growth should continue and reach almost 10% for the whole year. Strong industry corresponds to the growth of exports, which, given the low imports, means another foreign trade surplus.
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Czech Republic: Strong retail sales in December
Retail sales (excluding cars) increased by a strong 8.3% month-on-month in December, as retailers were allowed to open again following a lockdown at the end of October. From a year-on-year perspective, sales increased by 3.7% from a 6% fall in November, above market expectations. For the whole of 2020, sales fell just slightly by 0.6% YoY
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