Selected economy indicators - March 2004
Selected economic indicators
Publication Date: 13. 05. 2004
Product Code: r-1101-04
FEBRUARY AND JANUARY-FEBRUARY 2004
Industry
In February the year-on-year industrial production index reached 107.1%. Manufacture of durable goods increased most, by 15.1%; on the contrary decreases occurred in energy producing, by 0.7%. The main contributors to the rise in industrial production were manufacture of basic metals and fabricated metal products, manufacture of wood and wood products, manufacture of chemicals and chemical products. Decreases were recorded mainly in mining and quarrying of energy producing materials, electricity, gas and water supply and in manufacture of textiles and textile products. Seasonally adjusted industrial production was higher by 1.5% m-o-m (e.g. compared to January 2004).
Sales in industry grew by 8.6% (in constant prices) y-o-y and were influenced mainly by increase of manufacture of electrical and optical equipment, manufacture of rubber and plastic products and manufacture of machinery and equipment. Direct export sales grew by 13.5% and their share in total sales stood at 50.1%. Sales in industrial foreign-controlled enterprises used to be traditionally higher in current prices and were 11.9% y-o-y. The average number of employees in industry fell by 1.9%; hence labour productivity (sales per employee) was 10.7% up. Lower growth of average monthly wage compared to labour productivity increase resulted in decrease of unit wage costs by 1.5%. In February average monthly nominal wage amounted to CZK 15 664, rising by 9.0% nominally, really by 6.5%.
In January to February 2004 industrial production has grown by 5.4% y-o-y (after working days adjustment it was 6.5%), sales in industrial production were 5.3% up (after working days adjustment it was 6.5% up). The average number of employees in the industry fell by 1.9%, average monthly nominal wage increased by 7.4%, really by 5.0%. Labour productivity was 7.4% up as a result of unit wage costs stagnated y-o-y.
Construction
In February a fast growth rate of construction output continued rising, when the total volume expanded by 9.9% y-o-y (in constant prices). Work on new construction, reconstruction and modernisation increased, as well as construction work carried out abroad went up. The fall in construction work on repairs and maintenance of buildings was recorded. The number of employees in construction enterprises with 20+ employees rose by 2.4%; average monthly wage reached CZK 16 043, rising by 9.0% nominally and 6.5% really. Labour productivity per employee and per hour increased by 7.0% and unit wage costs were 1.9% up. Seasonally adjusted construction output increased by 0.6% m-o-m (e.g. compared to January 2004).
In January to February 2004 construction output has increased by 12.0% y-o-y . In enterprises with 20+ employees labour productivity increased by 9.3% y-o-y, average monthly wage rose by 6.9% nominally and 4.5% really. Unit wage costs were 2.2% down.
External trade
In February current price exports rose markedly by 18.4% and imports by 12.8%. The growth of exports was particularly influenced by higher exports of telecommunication equipment (+138.3%), general industrial machinery (+ 31.6%), manufacture of metals (+ 24.6%), electrical machinery, apparatus and appliances (+ 22.1%). The increase in imports was mainly attributable to higher imports of metalworking machinery (+110.9%), medicinal and pharmaceutical products (+ 45.5%) and telecommunication equipment (+ 41.6%). Due to the appreciation of the Czech koruna against the US dollar and its depreciation against the euro, both exports and imports grew faster in US dollars, slower in terms of euros. In February a surplus of CZK 3.6 billion was achieved (as against the deficit of CZK 2.0 billion in February 2003), the highest level after 10 years. Inward processing surplus amounted to CZK 11.2 billion, which was CZK 4.9 billion up on February 2003. After seasonal adjustment exports increased by 9.8%, exports by 6.7% m-o-m.
In January to February 2004 both exports and imports were up by 8.7% and 5.9%. Trade balance deficit of CZK 2.5 billion (during first two months in 2003) turned into a surplus of CZK 3.4 billion in the same season of this year.
MARCH 2004
Consumer prices
In March prices level somewhat increased m-o-m (i.e. compared to February) consumer prices rose by 0.1% only, prices for fuels increased most, by 3.0%. Prices of goods grew totally by 0.2%, while prices of services stagnated. The y-o-y total increase by 2.5% influenced increase of prices of goods by 1.6% and prices of services by 4.0%. In March main factors that contributed to y-o-y growth were prices for foods, housing, post services and telecommunications and other goods and services. In prices of bread and cereals went +11.2% up, meat + 2.6% up, milk, cheese and eggs + 5.3% up, oils and fats + 4.1% u, fruit +4.4% up and potatoes +69.3% up, and also due to VAT increase in public telecommunication services. Prices of financial services increased by 13.2%. 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 amounted to 0.8% in March (i.e. 0.3 percentage points more than in February).
Unemployment
At the end of March 2004 registered unemployment rate (source: Ministry of Labour and Social Affairs of the Czech Republic) reached 10.65%, which was 0.21 percentage points less m-o-m, but in comparison to the same season of the last year it was 0.63 percentage point more. At the end of March 2004 labour offices registered 559.8 thousand of unemployed job applicants; compared to March 2003 this number increased by 31.6 thousand. At the end of March 2004 number of job opportunities fell by 1.1 thousand (compared to March 2003), so that number of unemployed people per one job opportunity increased. At the end of March 2004 there were 13.2 job applicants per one job opportunity, compared to 12.8 people in March 2003.
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