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Consumer Confidence Falls To New Lows

CZECHIA
  • Economic data showed this morning that Czech consumer confidence fell to new lows in July, and is currently pricing in a significant deceleration in the economic activity.
  • The chart shows that consumer confidence has strongly led industrial production by 6 months in the past two decades.
  • Last week, Vice Premier Bartos urges government to increase some taxes to curb budget deficit, which is expected to exceed 300bn CZK this year.
  • According to BBG, Bartos proposed steps that include windfall tax on electricity producers that could raise as much as 20bn CZK per year.
  • Next data to watch will be Q2 GDP print, expected to fall by 0.3% QoQ.

Source: Bloomberg/MNI

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