Selected economic indicators - January
Selected economic indicators
Publication Date: 16. 03. 2009
Product Code: r-1101-09
In January, the y-o-y industrial production volume dropped by almost one fourth, also volume of construction outputs lessened. Volume of both, exports and imports lessened sizeably, the trade balance ended in a surplus. In January 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 February than in January. The registered unemployment rate increased in February, it was higher than at the end of February 2008.
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JANUARY 2009
Industry 1
In January, the y-o-y volume of industrial production was by 23.3% lower (after working days adjustment fell by 21.5%), results were affected by breaks in production due to droppings in demand. The drop of industrial production (–0.6 p.p) was most contributed to by manufacture of motor vehicles, trailers and semi-trailers incl. contracted works (drop in branch performance by more than one third), further –3.4 p.p. manufacture of fabricated metal products incl. contracted works (drop in branch by 37.8%) and –2.4 p.p. manufacture of machinery and equipment incl. related services and works (drop by 29.0%). In January 2009 seasonally adjusted industrial production was down by 2.9% as against December 2008 and the trend went down by 2.1%.
In January, sales in industry (at current prices) went down by 21.1%, direct export sales by 26.9%. Their share in total revenues of industrial enterprises made up 42.3%; in January 2008 it was 45.7%.
The y-o-y average number of employees in enterprises with 50+ employees went down by 5.8%, in January their average monthly wage amounted to CZK 23 020 was up nominally by 2.0% and really went down by 0.2% on a year ago.
In January, the y-o-y value of new orders in selected industrial branches decreased almost by one fourth (by 26.6%), value of foreign orders dropped by 27.1%.
Construction 1
In January, the y-o-y volume of construction output was by 11.1% lower (at constant prices), after working days adjustment dropped by 10.0%. Civil engineering output growing by 14.2% did not compensate for the decrease in building construction output by 16.4%. The y-o-y fall in construction output was affected by not quite favourable weather conditions (the average daily temperature in January 2009 was by 5°C lower compared to January 2008). In January 2009 seasonally adjusted construction output was down by 0.4% m-o-m really.
An average number of employees in construction enterprises (with 50+ employees) went up by 0.1% y-o-y. The average monthly wage reached CZK 24 152 and increased by 3.7% y-o-y, and in terms of real comparison went up by 1.5%.
External trade
In January, the y-o-y volume of both exports and imports slumped by 24.0% and 21.3%, respectively (all in current prices), the fall from previous three months further deepened and was the highest one since the Czech Republic was established. The trade balance ended in a surplus amounted to CZK 3.5 bn that was by CZK 8.3 bn worse than in January 2008. The trade balance with EU member states was active by CZK 43.6 bn and with non-EU countries passive by CZK 40.1 bn. Machinery and transport equipment were the main contributors to the trade deficit, also trade in industrial consumer goods negatively affected the trade balance. The balance improved the trade in mineral fuel, raw materials, chemical products, semi-finished goods and materials. After seasonal adjustment exports and imports went down by 0.3% and by 0.5% m-o-m. Trend is demonstrating the drop in exports by 1.9% and in imports by 2.0%.
FEBRUARY 2009
Consumer prices
In February, m-o-m consumer prices level increased by 0.1%, prices of goods did nod change, prices of services increased by 0.3%. The m-o-m price increase affected prices of fuel, which increased by 5.6% and prices of package holidays. Prices of clothing and footwear, food and non-alcoholic beverages decreased. Cost cutting of regulation fees in regional hospitals showed prices decrease in health care delivery. In terms of the y-o-y comparison, the increase in consumer prices decelerated to 2.0% (i.e. by 0.2 p.p. less than in January 2009) and since March 2007 was the lowest one. 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 9.6%), alcoholic drinks and tobacco (0.7 p.p., prices growth by 8.4%). A downward effect on the consumer price level came from a price development in public transport (-1,0 p.p., drop in prices by 9.3%). In total, prices of goods jumped by 0.6% and prices of services by 4.2%.
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 5.4% in February and was by 0.5 p.p. lower than in January 2009. Living costs (hypothetical rental fee is not involved) in households of pensioners jumped by 7.0%.
In February 2009, the y-o-y increase of average harmonized index of consumer prices reached 1.3% in the Czech Republic (according to a flash estimate of Eurostat, the HICP in Euro-zone was 1.2%).
Unemployment
In February 2009, the registered unemployment rate (according to the Ministry of Social Affairs) increased markedly by 0.6 p.p. as against January and reached 7.4% to the end of the month (last time was lower in February 2007). In previous four years the unemployment rate started to drop seasonally always in February. The unemployment rate of females increased by 0.5 p.p. to 8.4%, in males by 0.6 p.p. to 6.8%. As against end of February 2008 the registered unemployment rate was by 0.6 p.p. higher. Labour offices registered more than 400 thousand job applicants (428.8 thousand), which were by 30.8 thousand higher as against last month, as against end of February 2008 increased by 73.8 thousand persons. The m-o-m number of unemployed freshly graduated students and adolescents slightly increased y-o-y, its share in the total number of unemployed people as against last month dropped by 0.2 p.p. to 6.1%, at the end of February 2008 was the same. Number of job opportunities decreased to 64.9 thousand, it was lower in February 2006 last time. Number of applicants per one job opportunity at the end of February was 6.6 compared to 2.4 applicants in February 2008.
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.