Czech retail sales increased 4.4% in July from a year earlier, reflecting slightly stronger spending than the markets expected. Household consumption likely remained a major driving force in the 2Q real GDP expansion.
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Czech retail sales rose by 0.7% month-on-month in real terms in June, with non-food goods up by 1.6% MoM. On an annual basis, real retail sales in June increased by 4.4%. Sales of non-food goods rose by 6.4% YoY. Annual retail sales growth continued for the seventh month in a row, with online sales being the main driver.
The retail sales reading in June suggests that household consumption was a major driving force in 2Q GDP growth and is expected to contribute positively to overall economic activity in the coming quarters.
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