Industrial Production Soars

Czech industrial production notched up its biggest y-o-y gain since January 2001 in May, climbing 16.9% y-o-y as compared to a 10.9% increase in the month prior. We stress that significant base effects are partly responsible for the impressive headline growth number, with May 2009 industrial production having come in down 22.0% on the equivalent month of 2008. That said, the figure demonstrates that the Czech economy is enjoying a relatively speedy recovery and that it is on track to hit our 2.2% 2010 real GDP growth forecast.

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