Selected economic indicators - March
Selected economic indicators
Publication Date: 14. 05. 2009
Product Code: r-1101-09
In March, the y-o-y drop of both industrial production volume and construction output slowed down slightly, however in industrial production reached double-digit figures. Drop in both exports and imports decelerated by the record-breaking trade balance surplus. In March were more two working days than a year ago.
As a result of a decrease in prices of food and non-alcoholic beverages and prices in health delivery the consumer price level was lower in April than in March. The m-o-m registered unemployment rate increased in April.
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Industry 1
In March, the y-o-y volume of industrial production was by 17.0% lower (after working days adjustment fell by 19.0%), the decline slowed down in comparison with first two months of this year. The total drop was most contributed to by manufacture of fabricated metal products by –2.9 p.p. (drop in branch performance by almost one third), by next –2.4 p.p. manufacture of machinery and machinery equipment (drop in branch performance by more than one fourth) and identically by –2.2 p.p. manufacture of basic metals, manufacture of motor vehicles, trailers and semi-trailers (drop by 45.8%, and by 14.3%, respectively). The highest growth of industrial production was recorded in manufacture of other transport equipment (contribution 0.3 p.p., growth by 26.7%). The seasonally adjusted industrial production decreased by 0.2% as against February.
In March, sales in industry (at current prices) went down by 14.2%, direct export sales by 14.0%. Their share in total revenues of industrial enterprises made up 48.6%; in March 2008 it was 48.5%.
The y-o-y average number of employees in enterprises with 50+ employees went down by almost 10.0%, in March their average monthly wage amounted to CZK 23 370 was up nominally by 2.5% and really by 0.2% on a year ago.
In March, the y-o-y value of new orders in selected industrial branches decreased by 16.5%, value of foreign orders dropped by 15.2%.
In Q1 volume of industrial production went down by 21.0%, as against the same period of 2008 year. Sales in industry (at current prices) dropped by 18.5%, direct export sales by 21.6%. Number of employees in enterprises with 50+ employees went down by 7.6%, average monthly wage was up nominally by 1.3%, really went down by 0.8%.
Construction 1
In March, the y-o-y volume of construction output was by 9.4% lower (at constant prices), after working days adjustment dropped by 11.9%. Civil engineering output growing by 8.3% did not compensate for the decrease in building construction output by 14.2%. In March the m-o-m seasonally adjusted construction output grew by 0.1%.
An average number of employees in construction enterprises (with 50+ employees) went up by 0.5% y-o-y. The average monthly wage reached CZK 26 041 and decreased by 11.3% y-o-y, and in terms of real comparison by 13.3%. This distinct drop affected a very high comparative base of March 2008 when extra bonuses were paid.
In Q1 volume of construction output was really lower by 11.5% y-o-y. In construction enterprises (with 50+ employees) number of employees did almost not change, the average monthly wage decreased nominally by 2.6% and really by 4.6%.
External trade
In March, the y-o-y volume of both exports and imports decreased by 6.3% and 13.5%, respectively (all in current prices), it was the lowest drop in this year. Particularly owing to deeper decrease of import the trade balance ended in a record-breaking surplus amounted to CZK 23.4 bn that was by CZK 14.1 bn higher on a year ago. Both the positive balance and the annual gain were the highest ones since the Czech Republic was established. The trade balance with EU member states was active by CZK 51.4 bn and with non-EU countries passive by CZK 28.0 bn. Mineral fuels, semi-finished goods and materials, machinery and transport equipment were the main contributors to the trade surplus, trade in industrial consumer goods, beverages and tobacco negatively affected the trade balance. After seasonal adjustment, exports went up by 5.1% and imports went down by 0.9%, m-o-m. Trends increased by 1.4% in exports and in imports went down by 1.3%.
In Q1, both exports and imports went down by 17.5% and 18.8%, respectively. The trade balance surplus amounted to CZK 35.5 bn was by CZK 1.5 bn higher y-o-y, and was the second highest one during the history of the independent Czech Republic (only in Q1 2007 was higher).
APRIL 2009
Consumer prices
In April, m-o-m consumer prices level decreased by 0.1%, prices of goods by 0.2%, prices of services went up by 0.2%. In April, the m-o-m price decrease affected prices of food and non-alcoholic beverages, which decreased by 0.5% and prices in health delivery (drop by 3.6%). Prices in public transport, clothing and footwear increased. In terms of the y-o-y comparison, the increase in consumer prices decelerated to 1.8% (i.e. by 0.5 p.p. less than in March 2009). The y-o-y development of prices level increase influenced most the prices development of housing, water, energy and fuel (2.3 p.p., prices growth by 8.6%), 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 transport (-0.8 p.p., drop in prices by 7.7%). In total, prices of goods jumped by 0.5% and prices of services by 3.9%.
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 4.6% in April and was by 0.4 p.p. lower than in March 2009. Living costs (hypothetical rental fee is not involved) in households of pensioners jumped by 6.0%.
In April 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 0.6%).
Unemployment
Whilst in April , the registered unemployment rate (according to the Ministry of Social Affairs) decreased seasonally in previous years since the independent Czech Republic was established, in this year in April increased by 0.2 p.p. m-o-m and was 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 0.3 p.p. to 9.0%, in males did not change and remained at 7.0%. As against end of April 2008 the registered unemployment rate was higher by sizeably 2.1 p.p. Labour offices registered more than 450 thousand job applicants (456.7 thousand), which were by 7.8 thousand higher as against last month, as against end of April 2008 increased by 140.6 thousand persons. The m-o-m number of unemployed freshly graduated students and adolescents slightly decreased, its share in the total number of unemployed people as against last month dropped by 0.1 p.p. to 5.9%, at the end of April 2008 was by 0.2 p.p. higher. Number of job opportunities decreased to 50.5 thousand, m-o-m; it was lower in November 2004 last time. Number of applicants per one job opportunity at the end of April was 9.0 compared to 2.1 applicants in April 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.