Macroeconomic Forecast Czech Republic

We forecast industrial production in the Czech Republic to come in with 0.0% average growth in 2012 and rise slightly to 0.2% in 2013. Growth in the industrial production index averaged 0.8% year-on-year (y-o-y) over the first eight months of the year with the largest fall coming in the 'mining and quarrying' sub-component of the index, which fell by an average 3.2% y-o-y over the same period. We expect continued weakness in industry as external demand remains under pressure. However, as external demand improves, we anticipate a pickup in industrial production in H213.

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