Selected economic indicators - April
Selected economic indicators
Publication Date: 13. 06. 2009
Product Code: r-1101-09
Whilst in April the y-o-y drop of both industrial production volume continued, construction output slightly went up. Drop in both exports and imports at a high surplus of trade balance deepened in April. In April was less one working day on a year ago.
In May consumer prices level did not change in comparison to April, the y-o-y slowing down of inflation continued. The May m-o-m registered unemployment rate remained at the April level.
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APRIL 2009
Industry 1
In April, the y-o-y volume of industrial production was by 22.1% lower (after working days adjustment fell by 19.2%), the decline in comparison with the revised Q1 figures deepened. The total drop was most contributed to by manufacture of motor vehicles, trailers and semi-trailers by –4.3 p.p., which dropped by one fourth, by next –3.3 p.p. manufacture of metal constructions and metalworking products (drop in branch by 36.1%) and next –2.9 p.p. manufacture of machinery and equipment (drop in branch by 30.5%). The growth of industrial production was recorded in manufacture of food and other transport means and equipment. The seasonally adjusted industrial production decreased by 1.4% as against March.
In April, sales in industry (at current prices) went down by 23.1%, direct export sales by 23.6%. Their share in total revenues of industrial enterprises made up 47.5%; in April 2008 it was 47.8%.
The y-o-y average number of employees in enterprises with 50+ employees went down by almost 11.1%, in April their average monthly wage amounted to CZK 23 604 was up nominally by 2.3% and really by 0.5% on a year ago.
In April, the y-o-y value of new orders in selected industrial branches decreased by 26.7%, value of foreign orders dropped by 26.9%.
In January to April volume of industrial production went down by 19.8%, as against the same period of 2008 year. Sales in industry (at current prices) dropped by 18.7%, direct export sales by 20.5%. Number of employees in enterprises with 50+ employees went down by 8.4%, average monthly wage was up nominally by 1.4%, really went down by 0.7%.
Construction 1
In April, the y-o-y volume of construction output was by 2.1% higher (at constant prices), after working days adjustment increased by 3.2%. Structural engineering output growing by 29.1% affected partially the favourable weather, partially an additional invoicing of some huge constructions of transport infrastructure. Building construction output continued falling that was lower than during previous months (drop by 7.1%). In April the m-o-m seasonally adjusted construction output grew by 5.2% in terms of real comparison.
An average number of employees in construction enterprises (with 50+ employees) went up by 0.3% y-o-y. As a result of extra bonuses paid off for goals reached in previous year, the average monthly wage reached CZK 30 909 and increased almost by one-fourth y-o-y, really by 21.5%. Such sizeable growth affected that extra bonuses for the year 2007 were paid off in March 2008 already.
In January to April volume of construction output was really lower by 7.3% y-o-y. In construction enterprises (with 50+ employees) number of employees went up by 0.3%, the average monthly wage increased nominally by 4,3% and really by 2,2%.
External trade
In April, the y-o-y volume of both exports and imports deepened by 22.8% and by record-breaking 26.0%, respectively (all in current prices). The drop affected among others a record-breaking turnover in April 2008, Easter and a lower number of working days. The higher drop in imports brought about the trade balance ended in a surplus amounted to CZK 12.0 bn that was by CZK 5.6 bn higher on a year ago. The trade balance with EU member states was active by CZK 38.4 bn (by CZK 1.7 bn lower on a year ago) and with non-EU countries passive by CZK 26.4 bn, last year the debit was higher by CZK 7.3 bn. Mineral fuels; semi-finished goods and materials, chemicals and raw materials were the main contributors to the trade surplus. Trade in machinery; transport equipment, industrial consumer goods, food and living animals negatively affected the trade balance. After seasonal adjustment, exports went down by 2.1% and imports by 1.6%, m-o-m. Trends increased by 0.3% in exports and in imports dropped by 1.3%.
In January to April, both exports and imports went down by 19.8% and 21.6%, respectively. The trade balance surplus amounted to CZK 47.3 bn was by CZK 6.9 bn higher y-o-y, and was the highest one during first four months in the history of the independent Czech Republic.
MAY 2009
Consumer prices
In May, m-o-m consumer prices level remained at the previous-month level; prices of goods dropped by 0.1%, prices of services went up by the same degree. On one hand, prices in public transport (automotive fuel) and health delivery (chemicals and stays in spas) increased but on the other hand prices in food and non-alcoholic beverages (prices of bread, bakery products, fruit and vegetables) decreased. In terms of the y-o-y comparison, the increase in consumer prices decelerated to 1.3% (i.e. by 0.5 p.p. less than in April 2009). The y-o-y development of prices level increase influenced most the prices development of housing, water, energy and fuel (2.2 p.p., prices growth by 8.4%), alcoholic drinks and tobacco (0.8 p.p., prices growth by 9.4%). A downward effect on the consumer price level came from a price development in public transport (-0.9 p.p., drop in prices by 8.3%), food and non-alcoholic beverages (-0.7 p.p., drop in prices by 3.9%). In total, prices of goods dropped by 0.1% and prices of services went up by 3.7%.
Inflation rate, i. e. an increase in the average consumer price index for last 12 months related to the average CPI for the preceding 12 months reached 4.1% in May and was by 0.5 p.p. lower than in April 2009. Living costs (hypothetical rental fee is not involved) in households of pensioners jumped by 5.5%.
In May 2009, the y-o-y increase of average harmonized index of consumer prices reached 0.9% in the Czech Republic (according to a flash estimate of Eurostat, the HICP in Euro-zone was 0.0%).
Unemployment
In May , the registered unemployment rate (according to the Ministry of Social Affairs) did not change m-o-m and amounted to 7.9% to the end of the month (last time was higher in August 2006, the same was in January 2007). The unemployment rate of females increased by 0.1 p.p. to 9.1%, in males did not change and remained at 7.0%. As against end of May 2008 the registered unemployment rate was higher by sizeably 2.9 p.p. Labour offices registered 457.6 thousand job applicants, which were only by 0.9 thousand more in May, and by 140.6 thousand more y-o-y. The m-o-m number of unemployed freshly graduated students and adolescents decreased, its share in the total number of unemployed people as against last month dropped by 0.7 p.p. to 5.2%, at the end of May 2008 was by 0.3 p.p. higher. Number of job opportunities decreased to 48.3 thousand, m-o-m; it was lower in September 2004 last time. Number of applicants per one job opportunity at the end of May was 9.5 compared to 2.0 applicants in May 2008, which was the record-breaking minimum.
This press release was not edited for language.
1 Starting from January 2009 the industry and construction figures are processed and published in compliance with the new CZ-NACE classification, incl. recalculation of the time series of the basic indices covering the period 2000–2008.