Card transactions at the Czech Republic's second largest bank Ceska Sporitelna show consumer activity recovering to levels seen before the country's coronavirus lockdown in March.
PRAGUE - Card transactions at the Czech Republic’s second largest bank Ceska Sporitelna show consumer activity recovering to levels seen before the country’s coronavirus lockdown in March.
Bank data showed the volume of card transactions, including payments and ATM withdrawals, rose around 9% year-on-year in the last two weeks after dropping as much as 24% in the weeks after shops, restaurants and much of daily life shut in mid-March. David Navratil, chief economist at Ceska Sporitelna said the card data showed swings across segments, including a 112% jump in hobby markets and a 91% drop at travel agencies, while electronics grew 47% and furniture 62%.
“It is positive Czechs did not fall into some depression, that they are not putting off purchases of necessary things and are not significantly increasing savings,” Navratil said.The Czech central bank has forecast the economy will shrink by a record 8% in 2020 before rebounding by 4% in 2021.
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