Czech Republic Economic Sentiment January 2016

Czech Republic

Czech Republic: Confidence in the Czech economy hits multi-year high at the outset of 2016

January 25, 2016

The economic sentiment indicator published by the Czech Statistics Office (CSO) jumped from December’s 96.5 points to 98.4 points in January, reaching the highest reading since June 2008. January’s increase was driven by both rising consumer and business sentiment. Nevertheless, the index remained below its 100-point long-term average.

Business sentiment rose from December’s 94.3 points to 96.0 points in January. Sentiment rose across all sectors, with industry, construction and services recording gains larger than 2.0 percentage points. Sentiment in the services sector also improved, albeit to a lesser extent.

Consumer confidence hit another record high, climbing from December’s 107.4 to 110.0 in January. The improvement mainly reflected consumers’ fading pessimism regarding the general economic outlook. In addition, consumers were less pessimistic about the unemployment outlook. Meanwhile, households’ assessment of their own financial situation was broadly stable, their willingness to save increased slightly and their assessment of price developments was somewhat more pessimistic.

FocusEconomics panelists expect private consumption to expand 2.8% in 2016, which is up 0.1 percentage points from last month’s projection. For 2017, the panel sees private consumption growing 2.7%. Panelists see fixed investment increasing 3.2% in 2016, which is down 0.2 percentage points from last month’s projection. For 2017, panelists expect fixed investment to expand 3.4%.

Author: Teresa Kersting, Economist

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Czech Republic Economic Sentiment Chart

Czech Republic Economic Sentiment January 2016

Note: The Economic Sentiment Indicator is in compliance with the EU methodology presented as a weighted average of confidence indicators in industry, construction, trade, selected services and the consumer confidence indicator. Average of 2005 = 100.
Source: Czech Statistical Office (CSO).

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