Confidence in the Czech economy rose by 3.9 points to 90.9 points in September. Confidence growth thus accelerated compared to August, when it increased only slightly by 0.3 points. However, the Czech Statistical Office pointed out that the current survey lasted only until September 17, and the new measures against coronavirus as well as the worsening of the epidemiological situation were only partially captured.
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Confidence among entrepreneurs increased by four points to 89.5 points. Entrepreneurs’ confidence in construction, trade and services was higher, while they fell by a point in industry.
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“Entrepreneurs in industry are still relatively careful in assessing the current total demand and in the expectations of production activity for the next three months,” said Jiří Obst, head of the CZSO business cycle research department.
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“Confidence in industry continues to decline. Entrepreneurs not only do not have the necessary orders, but they expect a further decline in production in the coming months, “said Natland analyst Petr Bartoň. He added that most of the data comes from the period before the announcement of other restrictive measures, so the real situation is even worse.
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Consumer confidence in the economy rose by 3.2 points to 97.6 points in September. “Compared to the previous month, consumers were less worried about the deterioration of their financial situation in September. At the same time, however, they want to save more, which corresponds to their lingering fears of rising unemployment and rising prices, “added Obst.
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In a year-on-year comparison, confidence in the Czech economy is still significantly lower. The aggregate indicator was 99.9 points last September. Confidence among consumers then reached 108.3 points, in the case of entrepreneurs it was 98.2 points.
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The composite confidence indicator remained around 100 points around the autumn of 2014 until the beginning of this year. From January this year, it began to decline slightly. In March, the first cases of coronavirus infection appeared in the Czech Republic, followed by the government’s preventive measures against the spread of the virus, which included the closure of restaurants, cinemas and shops, as well as travel restrictions. Confidence in the economy fell below 80 points in April, where it was last during the economic crisis in 2009.
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