Selected economy indicators - November 2004
Selected economic indicators
Publication Date: 12. 01. 2005
Product Code: r-1101-04
OCTOBER AND JANUARY- OCTOBER 2004
Industry
The y-o-y industrial production index reached 108.1% or 112.6% after working days adjustment (there were two less working days in October). Industrial production raised most in the production of capital goods (by 21.1%) and intermediate goods (by 7.9%). The highest increases in the industrial production were observed in the following CZ-NACE activities: manufacture of electrical and optical equipment, manufacture of transport equipment and manufacture of basic metals and fabricated metal products. Decreases in the industrial production were recorded for manufacture of leather and leather products, mining and quarrying of energy producing materials and electricity, gas and water supply. The m-o-m seasonally adjusted industrial production was by 2.6% up (compared to September 2004).
Sales in industry at constant prices were higher by 6.6% y-o-y (or 11.3% after working days adjustment). Direct export sales rose by 14.8% really and their share in total sales of industrial enterprises stood at more than one half (at current prices). Industrial foreign-controlled enterprises raised their sales more rapidly, by 12.3% y-o-y; their share in total sales grew faster (by 18.2% really). The average number of employees in industry remained at the level of October 2003. Labour productivity (sales per employee) increased by 6.6%. In October the average monthly nominal wage amounted to CZK 17 477, which was up both nominally and really by 4.9% and 1.4% than last year. Labour productivity grew faster and outstripped increase of average wages. As a result unit wage costs dropped by 1.6%.
January to October the y-o-y industrial production grew by 9.9% (after working days adjustment it was by 10.4% up). Sales in industry rose by 9.7%, direct export sales rose by 16.6%. The average number of employees in the industry fell by 0.5%, due to the average monthly nominal wage increased by 7.0%, really by 4.1%. Labour productivity was 10.3% up; the y-o-y unit wage costs dropped by 3.0%.
Construction
Growth rate of construction outputs stabilised at a lower level than in the first half of 2004. In October it increased by 2.9% at constant prices (after working days adjustment it was by 5.4%) y-o-y. Volume of construction work on repairs and maintenance decreased repeatedly. The y-o-y number of employees in construction enterprises with 20+ employees rose by 3.9%. Their average monthly wage reached CZK 18 404 and increased by 3.0% y-o-y; real wage decreased by 0.5%. Labour productivity dropped by 1.2%, on that account unit wage costs climbed by 4.2%. The m-o-m seasonally adjusted construction outputs went up by 1.0% (compared to September 2004).
January to October the y-o-y construction outputs remained to rise under double-digit paces of growth; rose by 10.4% in comparison to the last year. In enterprises with 20+ employees labour productivity increased by 6.2 %, the average monthly wage rose by 6.5% nominally and 3.6% really. The unit wage costs slightly increased by 0.3%.
External trade
In October growth of exports and imports slowed down, both the y-o-y exports and imports rose by 16.6% and 15.1%, respectively (at current prices). The higher expansion rate affected trade balance results positively. The trade balance deficit ended in a deficit of CZK 4.1 bn, which amounted to the y-o-y improvement of CZK 1.3 bn. This value stood for the third highest deficit recorded in April and July in this year. The trade balance with EU member states reached a surplus of CZK 17.1 bn, the trade balance with non-EU states ended in a deficit of CZK 21.2 bn. Trade balance improved in machinery and transport equipment, on the other hand trade balance worsened in mineral fuels, lubricants and related materials. The m-o-m seasonally adjusted exports were up by 2.5% and imports by 1.1%, respectively.
January to October 2004 the y-o-y exports and imports increased by 23.3% and 20.5%, respectively. The trade deficit reached CZK 18.3 bn only; compared to the equal period of the last year dropped by CZK 23.2 bn.
NOVEMBER 2004
Consumer prices
In November the m-o-m consumer prices level decreased by 0.1% (i.e. compared to October), both prices of goods and services reduced equally. Lower prices of automotive fuels, domestic and foreign recreational stays and therapeutic stays at spas influenced the overall drop of prices. The y-o-y price growth by 2.9% affected prices in post and telecommunication services (due to changes in VAT rate in public telecommunication services), prices in restaurants and hotels, canteens in schools and canteens. In total, prices of goods put up by 1.0% and prices of services by 6.1%. In November in terms of y-o-y comparison, consumer prices were by 0.6 p.p. down than in October. 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 November.
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 8.9% at the end of November 2004. Labour offices registered almost 479 thousand of unemployed job applicants being able to take a job. The m-o-m registered unemployment rate did not change.
According to the former methodology , the registered unemployment rate was 9.9%. Number of job applicants dropped the second month under the last year level, i.e. by 3.3 thousand and arrived at 517.7 thousand at the end of November. Number of freshly graduated students reduced, too. Their share in total unemployment rate fall by 9.3% (10.2% at the end of October). Number of job possibilities increased to 50.3 thousand at the end of November; compared to the previous month it was by 1.3 thousand more (compared to the equal period of the last year up by 7.6 thousand). Number of applicants per one job opportunity was 10.3 compared to November in the last year when it was 12.2.
This press release was not edited for language.