INSTANT VIEW 2-Czech Aug industry output rise lags forecast

...of a 9.0 
percent increase. 
**************************************************************** 
KEY POINTS: 
 
 (y/y change in pct)      Aug     July     Aug forecast 
 Industrial output        5.5      11.5      9.0 
 Industrial sales         7.0      13.0      n/a 
 Construction output      3.3      -1.7      n/a 
 
 (Full table of data............................[ID:nPRA001548) 
 
- Seasonally-adjusted output drops 0.8 percent month-on-month. 
- The statistical office says August industrial output growth 
the slowest so far this year, reflecting partly a holiday season 
at many companies. 
 
COMMENTARY: 
    JAN VEJMELEK, HEAD OF ECONOMIC AND STRATEGY RESEARCH, 
KOMERCNI BANKA, PRAGUE 
    "August industrial output lagged both market and our less 
optimistic estimate. However, the number cannot be viewed as 
something significantly negative. On one hand it is a 
compensation for high July growth, and on the other hand August 
was affected by holidays. The reason for not being pessimistic 
also shows the statistics of industrial orders which posted 
double-digit growth for August." 
 
BACKGROUND: 
- August foreign trade figures...................[ID:nL08740676] 
- Report on last Czech c.bank rate decision      [ID:nL27772602] 
  [ID:nPRA001517] [ID:nPRA001518] [ID:nPRA001533] [ID:n05533999] 
 
LINKS: 
- For further details on August output and sales numbers and 
past data, Reuters 3000 Xtra users can click on the Czech 
Statistical Bureau's Website: 
    http://www.czso.cz/eng/csu.nsf/kalendar/2004-pru 
 
- For LIVE Czech economic data releases, click on        
- Instant Views on other Czech data                 [CZ/INSTANT] 
- Overview of Czech macroeconomic indicators            [CZ/ECI] 
 
- Key data releases in central Europe    [CEE-CONVERGENCE-WATCH] 
- For Czech money markets data click on                 
- Czech money guide                                       
- Czech benchmark state bond prices                    
- Czech forward money market rates                       
 
  
  Keywords: CZECH ECONOMY/INDUSTRY  
    

[PRAGUE/Reuters/Finance.cz]