PRAGUE, Oct 5 (Reuters) - Czech retail sales fell 0.8 percent year-on-year in August, slightly weaker than expected and dragged lower by falling car sales, data showed on Friday.
Overall adjusted sales on a month-on-month basis rose 0.1 percent, the statistics bureau said. The month had the same number of working days as a year ago.
The bureau said sales in the automotive segment fell 4.7 percent year-on-year, the steepest drop since May.
KEY POINTS: (change in percent) Aug July Aug fcast RETAIL SALES (y/y) -0.8 0.3 -0.6
* For a TABLE with August data..............
RADOMIR JAC, CHIEF ANALYST, GENERALI PPF ASSET MANAGEMENT
"There is hardly any surprise in the Czech retail sales data. The message is same as in the previous months: Czech household consumption remains weak and the development is consistent with pessimism seen in consumer confidence surveys.
"Any significant improvement does not seem likely for months and quarters to come. We expect Czech household consumption to stagnate in 2013 after contracting by more than 2 percent this year.
"The development of Czech household consumption justifies the relaxed monetary policy stance of the Czech central bank -- and outlook for the likely development of consumption indicates that the central bank will not have to tighten its policy before 2014."
PAVEL SOBISEK, CHIEF ECONOMIST, UNICREDIT BANK
"It was a bit surprising figure in the upward direction for me. The key question is whether higher sales were just because of households opening their purses more, meaning consumer confidence is on the upside, or whether this is only because more households stayed at home during their summer break. If they didn't travel abroad, they spent more at home."
- The headline, unadjusted figure includes automotive and fuel sales. - Seasonally-adjusted sales of cars and repairs fell a real 1.3 percent month-on-month. - Seasonally-adjusted sales including fuels rose by a real 0.7 percent month-on-month. Year-on-year sales, when adjusted for working days, rose 0.8 percent. BACKGROUND: - August consumer inflation
- July industrial output figures
- Report on last Czech c.bank rate decision......
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(Reporting by Mirka Krufova; Editing by Jason Hovet)
Keywords: CZECH RETAIL/