… in line with our forecast (+6.0%) The July industrial output data confirmed the positive development in this economic sector. Except the positive growth in industrial output, the CSO released some further favorable figures: industrial sales boosted 8.0% and labor productivity recorded 8.8% growth. Furthermore, the growth in nominal wages slowed down to 5.2% y-to-y in July.
Adjusting the growth in nominal wages in June for the increase in producer prices we find out, that the real wages remained flat in July, vs. almost 9% growth in labor productivity. This development positively affects the competitiveness of the Czech industrial sector.
We expect the full-year industrial output growth to reach 4.5%.