Macroeconomic Forecast Czech Republic

Czech industrial output contracted by 12.2% y-o-y in June, a marked improvement from the 22.0% fall seen in May. While this is still a weak figure in year-on-year terms, the fact that it was the smallest contraction seen since October 2008 confirms our view that the Czech economy may have troughed in H109. While aggregate demand will remain weak in H209 and into 2010, we are hopeful that recovery will begin by the end of this year.

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