Macroeconomic Forecast Czech Republic

Czech industrial production came in up 10.9% y-o-y in April, hitting a 30-month high. The reading follows encouraging autos production data for the first quarter, which showed vehicle output up 29% y-o-y and sales abroad up 23% y-o-y. This is in line with our expectations that the country's modest recovery will in large part be dependent upon the state of external demand, with net exports contributing 1.3 percentage points to our headline 1.0% real GDP growth forecast.

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