Selected economy indicators - February 2005
Selected economy indicators
Publication Date: 12. 04. 2005
Product Code: r-1101-05
JANUARY 2005
Industry
In January the y-o-y industrial production index reached 107.2%. Industrial production raised most in the production of intermediate goods (17.5%), production of consumer durables (2.6%) and capital goods (2.3%). The highest increases in the industrial production were observed in the following CZ-NACE activities: manufacture of coke and petrol products, manufacture of rubber and plastic products, manufacture of transport equipment and manufacture of mining and quarrying except energy producing materials. The highest decreases in the industrial production were recorded in manufacture of wood and wood products. The m-o-m seasonally adjusted industrial production (compared to December 2004) was up by 1.3 %.
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Sales in industry at constant prices were higher by 9.4% y-o-y , which is comparable growth to the yearlong growth last year. Direct export sales have traditionally been rising significantly faster, in January increased by 18.8% in real terms and its share in total sales stood at almost one half. Industrial foreign-controlled enterprises evenly reach higher dynamics of growing its sales in industry ; in the given month it was by 15.7% higher as against January 2004; its share of direct export sales stood almost at three fourths. In January number of employees in industry increased by 0.9% y-o-y; labour productivity (sales per employee) was 8.4% up. In January the average monthly wage amounted to CZK 17 033, which was up both nominally and really by 3.5% and 1.8% than last year. Labour productivity grew faster and outstripped increase of average wages. As a result unit wage costs dropped by 4.5%.
The y-o-y volume of new orders in selected industrial branches increased by 3.4% at constant prices in January, foreign orders were 12.0% up.
Construction
In January paces of growth rate of construction outputs were very high; and compensated the low December gain. The total y-o-y construction outputs increased by 14.2% (at constant prices). A larger volume of work performed by manual workers mainly affected this acceleration. Number of employees in construction enterprises with 20+ employees rose by 4.1% y-o-y. The average monthly wage reached CZK 16 077 and increased year-on-year by 2.0% nominally and by 0.3% in real terms. Labour productivity increased by 9.9% per employee; in comparison to average wages increase resulted in drop of unit wage costs by 7.3%.
The m-o-m (i. e. as against December 2004) seasonally adjusted construction outputs expanded by 2.3% in real terms, paces of growth trend slightly accelerated.
In January 2005 planning and building control authorities granted 8 713 building permits, approximate value of permitted dwellings reached CZK 22.3 bn, which was by 11.5% more than a year ago.
External trade
In terms of y-o-y comparison, in January growth paces of both, imports and exports arrived at a high point; the lower January 2004 turnover level influenced it. Current price exports and imports were up 30.0% and 26.9%, respectively. The trade balance ended in a surplus of CZK 3.4 bn, which amounts to an improvement of CZK 3.3 bn, compared to January 2004. The trade balance with EU member states reached a surplus of CZK 31.9 bn, trade balance with non-EU states ended in a deficit of CZK 28.5 bn. Trade balance improved especially in trade in cars including spare parts and accessories, in general industrial machinery and equipment and in computers. Last year monthly trade balance ended in surplus over six months, last time in November.
The m-o-m seasonally adjusted exports and imports increased by 4.1% and 4.3%, respectively. The growth rate of trend of both indicators accelerated.
FEBRUARY 2005
Consumer prices
In February the m-o-m consumer prices level increased by 0.2% (i.e. compared to January 2004); in total prices of goods dropped by 0.1%, prices of services increased by 0.5%. The increase in price level were influenced particularly by a seasonal rise in prices of domestic recreational stays and recreational stays abroad, prices in canteens, prices of meals and beverages in restaurants and canteens, higher fees in old people’s homes and nursery schools and prices of drugs with prescription. A drop in fee for installation of residential telephone lines eliminated increase in postal fees. The y-o-y increase of consumer prices remained at the same level 1.7% like in January. The highest increase was recorded for prices in restaurants and hotels (primarily VAT influence since May 2004), prices of financial services, prices of drugs and tobacco products, prices of refuse collection, prices of natural gas, electricity, heat and hot water. On the contrary fall in prices pushed cheaper cars, automotive fuel and sales of winter clothing and footwear. Prices in food and non-alcoholic beverages slightly decreased. In total, prices of goods increased by 0.2% and prices in services by 4.2% in comparison to February 2004. 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, amounted to 2.7% in February.
Unemployment
Harmonised unemployment rate It is estimation that:
- comprises integrated methodology in the EU (processed by Eurostat)
- is based on the quarterly level of unemployment rate (according to ILO) and selected surveys of labour forces (SSLF) proceeded in households
- is based on trends of the registered unemployment rate (Ministry of Labour and Social Affairs of the Czech Republic), then the monthly distribution is being carried out has been calculated by Eurostat to obtain an international comparison, reached 8.7 % in the Czech Republic in February and compared to February 2004 decreased by 0.1 percentage points.
The registered unemployment rate according to the new methodology reached 9.6% at the end of February, which was by 0.2 percentage points less m-o-m and by 0.1 percentage points less y-o-y. The females’ unemployment rate was 10.9%, the unemployment rate of males was 8.7%.
According to the former methodology , the unemployment rate was 10.6% at the end of February, which was by 0.1 percentage points less m-o-m. A development such as this was recorded also during preceding years; it was interrupted last year just in February, when unemployment imperceptibly increased.
Labour offices registered 555.0 thousand at the end of February, which is by 6.6 thousand people less than last month. There were 517.9 thousand of unemployed job applicants being able to take a job. Share in number of unemployed freshly graduated students to total number of unemployed people dropped to 7.8% (in January 2005 it was 8.1%, a year ago 9.5%). Number of applicants per one job opportunity was 10.3 at the end of February; at the end of February 2004 it was 13.0.
This press release was not edited for language.