Industrial production (June) Final: -12.2% y/y Preliminary: -12.3% y/y Final print did not differ from preliminary figures. Annual decline is significantly lower than in April and May. More optimism can be inferred from monthly change: +2.9%. Taking last data together with PMI surveys, German industrial output, imports and exports, improving outlook for the Euro zone economy we can suggest that the worst is over for the Czech manufacturing sector.