Actual (Aug): CZK 0.54bn
Consensus: CZK 5.3bn
Previous (Jul): CZK 5.46bn
Surplus of the foreign trade balance shrank to CZK 0,5bn, which is worse than expected. Growth in exports accelerated to 23 pct y-o-y, which indicates a strong foreign demand. Similar message came from the industrial output data. On the other hand, imports showed a 30pct growth, which led to lower surplus. We do not consider the August data negative as they indicate strengthening domestic demand. In imports, machinery and vehicles had a significant weigh, which suggests growing investment. Thus, the contribution of the domestic demand to the Czech GDP growth may be slightly higher in 3Q than in 2Q.