Czech Republic outperforms, only country in CE3 to post higher growth than inQ1.    National statistical offices released the flash print of Q2 GDP across CE3 todaywith Czech Republic and Poland beating market expectations, while Hungaryposted a slightly larger than expected slowdown. Hungary was also the onlycountry among the three to have endured a slower performance in sequentialterms, with growth in Poland remaining constant in QoQ terms and the CzechRepublic posting much improved growth vs. Q1. Higher domestic demand ledby tight labour market conditions, supportive macro-policy mix as well as a likelyrecovery in EU fund absorption rates, is likely to support economic activity acrossthe CE3 during the course of 2017. Today's readings are unlikely to have majormonetary policy implications as of now.    Czech Republic    Czech GDP growth accelerated sharply in Q2 as per the CZSO's flash estimateof 2.3% QoQ (3.5% YoY), up from 1.5% QoQ in Q1, and beat market consensusof a sequential slowdown in growth to 0.8% QoQ. This has taken YoY growth toa six-quarter high of 4.5% YoY (consensus 3.0%, previous 3.0%).    According to the CZSO press release, growth was primarily driven by domesticdemand on the back of both increasing household consumption and higherinvestment by enterprises. Evidence of strong growth in household demandmanifested in high-frequency data - retail sales growth averaged a robust 5.4%YoY (SA) in Q2 supported by a tight labour market, high wage growth and oneof the lowest unemployment rates in the EU. On the other hand, net exports arelikely to have contributed negatively to overall growth, as imports improved fasterthan exports in Q2, on the back of a solid improvement in domestic demand.    On the supply side, the press release states that most industries of the Czecheconomy have posted a positive growth rate in Q2, including most sectors of themanufacturing, as well as the services industry. IP growth averaged 6.2% YoY (sa)in Q2 compared to 4.9% YoY in Q1. Manufacturing sector growth has also beenrobust with the sector growing at an average of 7.5% YoY (sa) in Q2, compared to5.1% YoY in the previous quarter. Full component details of GDP will be releasedby CZSO along with the second estimate of GDP on 1st September.

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