Industrial production (April)
Actual figure: -22.1% y/y
Previous flash estimate: -23.2% y/y
Industrial production declined slightly less than printed in the flash estimate. The fall is, however, still very deep and we can see that car scrap subsidies in Germany and other EU countries are of very little help. Today’s figures represent the first indication of an economic situation in the 2Q and it is disappointing. GDP drop can be less steep in the 2Q, but a return to positive numbers (in quarter-to-quarter terms). We keep our guess that the CNB is going to cut interest rates by 25 bps at the end of the months.