Industrial production (May) Actual figure: -22.0% y/y Previous flash estimate: -21.7% y/y Final figures confirmed a negative message from preliminary data. It is still difficult to read any positive news about the Czech industry. Volume of new orders fell by 27.8% (export orders – 27.0%), sales dipped by 23.4% and employment decreased by 12.5% year-on year. Maybe we can infer some optimism from German data about industrial production and orders, both rising in May, and soft figures like Czech PMI survey. Industrial production could fell by 14.0 % this year and mildly recover next year rising by 2.5%.