Industrial production (May) - flash estimate: -21.7% y/y
Consensus: -18% y/y
Industrial data provided no relieve from recession. Production goes on falling more 20 pct year-on-year. The same holds for sales (-23.2%) and new orders (-27.6%). PMI survey suggested industrial production can slowdown its free fall, however, now it looks like a false signal.
The Czech economy is skewed in its structure more to the industry than any other EU country. Relatively bad figures in April and May warn that GDP in the 2Q can be deep in red again.