Selected economy indicators - December 2004
Selected economy indicators
Publication Date: 16. 02. 2005
Product Code: r-1101-04
NOVEMBER AND JANUARY- NOVEMBER 2004
Industry
The y-o-y industrial production index reached 110.9% or 106.2% after working days adjustment (there were two more working days in November than in 2003). Industrial production raised most in the production of capital goods (by 21.8%) and intermediate goods (by 9.4%). The highest increases in the industrial production were observed in the following CZ-NACE activities: manufacture of basic metals and fabricated metal products, manufacture of transport equipment and manufacture of rubber and plastic products. Decreases in the industrial production were recorded for mining and quarrying of energy producing materials and manufacture of leather and leather products.
The m-o-m seasonally adjusted industrial production (compared to October 2004) was slightly up (by 0.1%).
Sales in industry at constant prices were higher by 13.5% y-o-y (or 8.4% after working days adjustment). Direct export sales rose by 20.8% really and their share in total sales of industrial enterprises stood at almost one half (at current prices). Industrial foreign-controlled enterprises raised their sales more rapidly, by 19.1% y-o-y; their direct export sales increased by 23.1% and their share in total sales stood almost at three fourths. Number of employees in industry dropped by 0.2%; Labour productivity (sales per employee) was 13.8% up. In November the average monthly nominal wage amounted to CZK 20 428, which was up both nominally and really by 8.5% and 5.4% than last year. Labour productivity grew faster and outstripped increase of average wages. As a result unit wage costs dropped by 4.7%.
January to November the y-o-y industrial production grew by 10.0% (as against the corresponding period). Sales in industry rose by 9.9%, direct export sales rose by 16.8%. The average number of employees in industry fell by 0.5%, due to the average monthly nominal wage increased by 7.2%, really by 4.3%. Labour productivity was 10.5% up; consequently the y-o-y unit wage costs dropped by 3.0%.
Construction
In November volume of construction outputs was higher by 9.9% than in November 2003 in real terms (after working days adjustment it was by 6.9%); it grew considerably faster than over last six months. The growth accelerated in new construction in building and civil engineering. Number of employees in construction enterprises with 20+ employees rose by 4.7%. The average monthly wage reached CZK 21 482 and increased year-on-year by 7.6% and by 4.6% in real terms. Labour productivity decreased by 4.9% per employee; in comparison to wages increase resulted in increase of unit wage costs by 2.6%. The m-o-m (i. e. as against October 2004) seasonally adjusted construction outputs jumped by 1.4%.
January to November the y-o-y construction outputs increased by 10.4%. In enterprises with 20+ employees labour productivity increased by 6.1 %, the average monthly wage rose by 6.6% nominally and 3.7% really. The unit wage costs slightly increased by 0.5%.
External trade
In November the y-o-y paces of growth of both imports and mainly exports reached a very high level. Current price exports increased by 33.2% (it reached a record-breaking level since the Czech Republic arose); current price imports were up by 20.4%. Due to an extreme growth in exports the trade balance ended in a surplus of CZK 5.2 bn as against a deficit of CZK 8.4 bn in November 2003. This was the first surplus in November over the last decade. Especially trade balance with EU member states reached a surplus of CZK 25.5 bn, while trade balance with non-EU states ended in a deficit of CZK 20.3 bn. Surplus rose mainly in trade in machinery and transport equipment (passenger cars and computers). The m-o-m seasonally adjusted exports and imports dropped by 1.1% and 8.4%, respectively.
January to November the y-o-y exports and imports increased by 24.2% and 20.5%, respectively. The trade deficit reached CZK 13.0 bn only; compared to the equal period of 2003 dropped by CZK 36.9 bn. After the accession of the Czech Republic to the EU, both exports and imports grew by 28.6% and 23.0% on average, respectively, as against 16.3% and 15.8%, respectively, in January to April 2004.
DECEMBER 2004
Consumer prices
In December the m-o-m consumer prices level increased by 0.1% (i.e. compared to November), prices of goods went up by 0.2%, whereas prices of services did not change. The total increase in price level was primarily influenced by higher prices of foods and non-alcoholic beverages. The y-o-y increase of prices by 2.8% affected higher prices of housing, accommodation and catering. Prices in post and telecommunication services jumped most (due to changes in VAT rate in public telecommunication services). In total, prices of goods put up by 0.9% and prices of services by 6.1%. The y-o-y average inflation rate was 2.8% in 2004. Prices increase in post and telecommunication services, restaurants and hotels and other goods and services that were affected by VAT rate increase outstripped growth of total prices. In total, prices of services went up by 5.3% and prices of goods by 1.3%.
The Q1 average price level was higher by 2.3%, in Q2 by 2.6%, in Q3 by 3.2% and in Q4 by 3.1% than in the corresponding period of 2003.
Unemployment
Since July 2004 Ministry of Labour and Social Affairs of the Czech Republic has been publishing the registered unemployment rate according to the new methodology , which is keeping with ways of calculation in EU-members states. In accordance with it unemployment reached 9.5% at the end of December 2004. Labour offices registered 509.5 thousand of unemployed job applicants being able to take a job. The m-o-m registered unemployment rate increased by 0.6 p. p.; the females’ unemployment rate was 10.9%, the unemployment rate of males was 8.3%.
According to the former methodology , the registered unemployment rate was 10.3%, i. e. the same level as it was last year. Number of job applicants arrived at 541.7 thousand at the end of December, which is by 24 thousand people more than last month. Share in number of unemployed freshly graduated students dropped to 8.7% (in November it was 9.3%, last year 10.8%). Number of job possibilities increased to 51.2 thousand at the end of December; compared to the previous month it was almost by 1 thousand more (compared to the corresponding period of 2003 it was up by more than 11 thousand). Number of applicants per one job opportunity was 10.6 at the end of December; at the end of 2003 it was 13.5.
The quarterly average of registered unemployment rate (according to the former methodology) dropped stepwise; in Q1 to 10.73%; in Q2 to 10.13%; in Q3 to 10.12% and in Q4 to 9.99% when was for first time lower than in 2003.
This press release was not edited for language.
Related publications:
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6001-04 External Trade of the Czech Republic
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7101-04 Consumer Price Indices - Basic Information
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7103-04 Consumer Price Indices - Detailed Information
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8001-04 Industry of the Czech Republic
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8201-04 Construction
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