Selected economic indicators - February
Selected economic indicators
Publication Date: 13. 04. 2009
Product Code: r-1101-09
In February, the y-o-y drop of industrial production volume was comparable to January; also fall of construction outputs was double-digit. Volume of both, exports and imports lessened sizeably, the trade balance ended in a surplus. In February was less one working day than a year ago.
As a result of an increase in prices of automotive fuel the y-o-y prices level was higher in March than in February. The registered unemployment rate increased in March, such March increase was registered ten years ago last time.
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FEBRUARY 2009
Industry 1
In February, the y-o-y volume of industrial production was by 23.4% lower (after working days adjustment fell by 20.3%), this fall was comparable to January (by 22.8%). The total drop of industrial production was contributed to manufacture of motor vehicles, trailers and semi-trailers, incl. contracted works by –4.8 p.p (drop in branch performance by more than one fourth), further –3.2 p.p. manufacture of fabricated metal products incl. contracted works (drop in branch by 35.8%) and –2.8 p.p. manufacture of machinery and equipment incl. related services and works (drop by 30.8%). In February seasonally adjusted industrial production was down by 0.2% as against January 2009.
In February, sales in industry (at current prices) went down by 20.6%, direct export sales by 24.2%. Their share in total revenues of industrial enterprises made up 47.3%; in February 2008 it was 49.5%.
The y-o-y average number of employees in enterprises with 50+ employees went down by 7.3%, in February their average monthly wage amounted to CZK 21 600 was up nominally by 0.4% and really went down by 1.6% on a year ago.
In February, the y-o-y value of new orders in selected industrial branches decreased by almost one fourth (by 24.7%), value of foreign orders dropped by 23.5%.
In January to February volume of industrial production went down by 23.1%, as against the same period of 2008 year. Sales in industry (at current prices) dropped by 20.7%, direct export sales by 25.4%. Number of employees in enterprises with 50+ employees went down, average monthly wage was up nominally by 0.7%, really went down by 1.4%.
Construction 1
In February, the y-o-y volume of construction output was by 14.3% lower (at constant prices), after working days adjustment dropped by 13.2%. Civil engineering output growing by 5.3% did not compensate for the decrease in building construction output by 19.5%. The y-o-y fall in construction output was affected by not quite favourable weather conditions (the average daily temperature in February 2009 was by 3.3 °C lower compared to February 2008). In February 2009 seasonally adjusted construction output was down by 1.9% m-o-m.
An average number of employees in construction enterprises (with 50+ employees) went down by 0.2% y-o-y. The average monthly wage reached CZK 22 899 and increased by 2.4% y-o-y, and in terms of real comparison went up by 0.4%.
In January to February volume of construction output was really lower by 12.8% y-o-y. In construction enterprises (with 50+ employees) the average monthly wage increased nominally by 3.1% and really by 1.0%.
External trade
In February, the y-o-y volume of both exports and imports slumped by 22.2% and 21.5%, respectively (all in current prices), the more than 20% fall from January continued. The trade balance ended in a surplus amounted to CZK 8.7 bn that was by CZK 4.3 bn worse than in February 2008. The trade balance with EU member states was active by CZK 38.1 bn and with non-EU countries passive by CZK 29.4 bn. Machinery and transport equipment was the main contributor to the trade deficit (the surplus got worse by CZK 5.8 bn), also trade in industrial consumer goods negatively affected the trade balance. The balance improved the trade in semi-finished goods and materials, chemical products, mineral fuels and raw materials. After seasonal adjustment exports and imports went down by 0.9% and by 2.9%, respectively, m-o-m. Trends dropped by 0.8% in exports and in imports by 2.9%.
In January to February, both exports and imports went down by 23.1% and 21.4%, respectively. The trade balance surplus amounted to CZK 12.2 bn was by CZK 12.6 bn lower y-o-y.
MARCH 2009
Consumer prices
In March, m-o-m consumer prices level increased by 0.2%, prices of goods by 0.3%, prices of services did not change. In March, the m-o-m price increase affected prices of petrol, which increased by 2.9%, increase in administratively regulated rental, prices of cigarettes, wine and new seasonal models of clothing and footwear. Prices in food and non-alcoholic beverages, post and telecommunication services, holiday stays and culture decreased. In terms of the y-o-y comparison, the increase in consumer prices accelerated to 2.3% (i.e. by 0.3 p.p. less than in February 2009). The y-o-y development of prices level increase influenced most the prices development of housing, water, energy and fuel (2.5 p.p., prices growth by 9.4%), alcoholic drinks and tobacco (0.9 p.p., prices growth by 9.9%). A downward effect on the consumer price level came from a price development in public transport (-0. 9 p.p., drop in prices by 8.8%). In total, prices of goods jumped by 1.1% and prices of services by 4.0%.
Consumer prices increased in Q1 2009 as against Q1 2008 by 2.1%. Administratively regulated prices jumped by 10.7%, an average level of market prices did not change.
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 5.0% in March and was by 0.4 p.p. lower than in February 2009. Living costs (hypothetical rental fee is not involved) in households of pensioners jumped by 6.6%.
In March 2009, the y-o-y increase of average harmonized index of consumer prices reached 1.7% in the Czech Republic (according to a flash estimate of Eurostat, the HICP in Euro-zone was 0.6%).
Unemployment
Whilst in March , the registered unemployment rate (according to the Ministry of Social Affairs) decreased seasonally in previous years (exceptionally in 1991 and 1999), in this year in March increased by 0.3 p.p. m-o-m and was 7.7% to the end of the month (last time was higher in January 2007). The unemployment rate of females increased by 0.3 p.p. to 8.7%, in males by 0.4 p.p. to 7.0%. As against end of March 2008 the registered unemployment rate was by sizeably 2.1 p.p. higher. Labour offices registered almost 450 thousand job applicants (448.9 thousand), which were by 20.1 thousand higher as against last month, as against end of March 2008 increased by 112.6 thousand persons. The m-o-m number of unemployed freshly graduated students and adolescents slightly increased, its share in the total number of unemployed people as against last month dropped by 0.1 p.p. to 6.0%, at the end of March 2008 was by 0.1 p.p. higher. Number of job opportunities decreased to 55.4 thousand, m-o-m; it was lower in December 2005 last time. Number of applicants per one job opportunity at the end of March was 8.1 compared to 2.2 applicants in March 2008. The average registered unemployment rate was 7.0% in Q1 2009; it increased by 1.0 p.p. as against the same period of the last year.
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.