Selected economy indicators - February 2004
Selected economic indicators
Publication Date: 09. 04. 2004
Product Code: r-1101-04
JANUARY 2004
Industry
In January the year-on-year industrial production index reached 103.8% (after working days adjustment it was 105.9%). The highest increase was recorded for consumer durables (+31.0%), on the contrary production of capital goods saw a decrease. The main contributors to the rise in industrial production were manufacture of basic metals and fabricated metal products by 15.7%, manufacture of pulp, paper and paper products; publishing and printing by 10.0%, manufacture of transport equipment by 9.9% and manufacture of rubber and plastic products by 9.2%. Decreases occurred mainly in seven groupings of manufacturing industry and in mining and quarrying. Industrial production seasonally adjusted was by 0.9 % lower m-o-m . (i.e. compared to December 2003).
Sales in industry grew really by 2.0% (after working days adjustment by 4.2%) and were influenced mainly by substantial increase of manufacture of basic metals, fabricated metal products, rubber and plastic products and manufacture of transport facilities and equipment. Direct export sales grew by 5.7%. Their share in total sales in market prices stood at 48.2%. Sales in industrial foreign-controlled enterprises used to be traditionally higher, in December reached 3.5% y-o-y. The average number of employees in industry fell by 2.4%; hence labour productivity (sales per employee) was 4.6% up. In January the average monthly nominal wage amounted to CZK 16 461, rising nominally by 5.9%, really by 3.5 % y-o-y. Unit wage costs were 1.2% up.
Construction
A long-term fast y-o-y growth rate of construction output , which started in June last year, has continued in January 2004. Construction output was really 15% up than in January 2003, after working days adjustment it was 16.4% up. The volume of construction works on the new constructions both domestic and abroad particularly grew up, while on reconstruction and maintenance reduced. The number of employees in construction rose by 2.2% y-o-y; in construction enterprises with 20+ employees the average monthly wage reached CZK 15 777, rising by 4.8% nominally and 2.4% really. Labour productivity per employee increased by 12.3%. In January unit wage costs were 6.7% down. After working days adjustment the construction output was 1.4% higher m-o-m (i.e. than in December 2003).
External trade
In January both exports and imports somewhat slowed down (by 0.7% and 1.0% respectively). Lower exports dynamics was affected by decrease 38.3% of automatic data processing machines and by 16.5% of personal cars. Growth of imports was unfavourably influenced by decrease in import of machinery and equipment for energy generation of 14.3%, electrical equipment, devices and appliances by 11.0% and data processing machines by 10.6%. Exports after inward processing substantially fell and imports for inward processing also dropped. Due to the appreciation of the Czech koruna against the US dollars and the appreciation against the euro, both exports and imports grew in terms of US dollars and dropped faster in terms of euros. The trade balance ran a deficit of CZK 0.2 billion only (the lowest deficit since 1995), which was CZK 0.3 billion lower compared to January 2003. A positive impact on the trade balance in manufacturing products was higher than a negative impact on the trade balance in primary products. Seasonally adjusted both exports and imports were m-o-m down 3.2% and 3.1%, respectively.
FEBRUARY 2004
Consumer prices
Growth of consumer prices has continued growing. In February as well as in January rose by 2.3% y-o-y , prices of both goods and services were 1.3% up and 3.9%, respectively. In February in terms of m-o-m comparison price level increased by 0.2%; prices of goods were down 1.1%; services were up 0.6%. The price level was influenced by increases in domestic recreational stays by 6.3% and in recreational stays abroad by 2.4%, respectively. Prices for cooperative dwellings and owner-occupied dwellings went moderately up, as well as prices for dwelling and domestic heating. Charges for retirement homes and prices for hairdresser services and services of beauty shops have increased, too. Inflation rate , i.e. an increase in the average consumer price index for last 12 months related to the average CPI for preceding 12 months amounted to 0.5% in February.
Unemployment
At the end of February 2004 the registered unemployment rate (source: Ministry of Labour and Social Affairs of the Czech Republic) exceeded the maximum value found out in January and reached 10.86%, which was 0.66 percentage points more y-o-y. It increased imponderably by 0.02 percentage point m-o-m, while in previous years it already started dropping in February. Labour offices registered a bumper crop 570.8 thousand of unemployed job applicants; compared to February 2003 the number increased by 32.7 thousand. At the end of February number of job opportunities has increased by 3.8 thousand y-o-y. Number of applicants per one job opportunity has dropped, as at the end of February there were 13.0 job applicants per one job opportunity, compared to the end of February 2003.
This press release was not edited for language.