Trade balance was back in red figures in March. The deficit of the trade balance reached CZK 7.2bn, Patria estimated just a little less deficit (CZK 6.5bn). The surplus in February originally announced at CZK 1.8bn was revised to CZK 2.7bn. Thus, for the first three months the CR posted CZK 10.4bn gap in the foreign trade. In the same period last year the deficit amounted CZK 26.3bn. Export and Import decreased on year-on-year basis. Export fell by 4.6% and Import dropped 7.5%. The reason of the fall in both sides of the foreign trade was drop in export and import prices simultaneously with decrease in import of capital goods.
Substantial statistical revisions do not bother only Czech economists. Slovakian statistical office revised yesterday the figure for industrial output of the nation in last year. The output rose by 6.7% which is up from previous 4.6% rise.
Consumer price index rose in France by 0.5% in March, the prices were 2.2% up y/y. Monthly core inflation reached 0.2%. The inflation was driven up mainly by energies and manufactured goods.
Production prices in Germany rose 0.3% m/m in March. In comparison with last year the prices were 0.2% lower.
European Commission sees 1.4% growth in Eurozone this year. The EC forecasts an accelerated growth of 2.9% for the next year. The inflation in Eurozone is estimated to reach 2.2% this year and 2.0% in 2003.
Polish consumer confidence rose to 75 points in April from 68 points in March. It is worth noticing that the consumers spending remains major part of the growth of the Polish economy.
Click here for the „Czech economic daily“ in .pdf format.
Radim Krejčí