Research (Česká spořitelna)
Macroeconomics  |  January 03, 2013 09:17:34

Czech Republic - Czech manufacturing activity in December surprisingly the worst since 2009

Czech PMI yesterday surprisingly worse - got up to 46 (from 48.2 a month earlier), which is perhaps the fastest decline since the crisis in 2009. Significantly dropped production itself (to 44.3, the lowest in 3.5 years). The question is whether this is the result of three signed lower number of working days in December (compared to 2012), for example, which could affect the flow of new orders (which might not cover even the seasonal adjustment). See you in January, but so far I would not hang the stick over to our scenario stabilization industry in 1Q13. IFO in Germany improved in December, which with hindsight perhaps reflected in our country.On the other hand, the German final PMI in December 46 - which agrees with what we see here in the Czech Republic and shows that wait for growth in the Czech Republic this year is too optimistic (we're waiting -0.1% y / y). Certainly, however, the data reinforce the wing that would like to help foreign-exchange interventions economy - according to us but the net effect of such a step is not too large (higher import prices undercut household consumption).

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