Czech consumer confidence to increase

Czech's consumer confidence remains at a relatively high level and consumers are once again showing an appetite for spending. Supported by growing wages and decreasing unemployment, overall purchasing power is increasing. 

"Retail sales are expected to have increased by 2.1% mom in July, which translates into 8.8% yoy, the strongest yoy growth rate since February 2008. Consumers have become less worried about spending as the economic outlook remains stable and the government is increasing spending", says Societe Generale. 

Car sales should add 1.8% mom, equating to 16.8% growth yoy thanks to corporate investment and the renewal of company car fleets.