Quarterly Sector Accounts - 4. quarter of 2021

Household consumption expenditure per capita increased by 5.1% in 2021

31.03.2022
Code: 050057-21
 

The total of monetary and non-monetary income of households increased in real terms by 3.9% in 2021. The real consumption per capita increased by 5.1%, year-on-year (y-o-y). The saving rate decreased by 1.1 percentage point (p. p.) to 20.1% compared to 2020. Profit belonging to foreign owners of corporations (profit from foreign investment) reached 6.1% of GDP in 2021.  


Non-financial corporations: the profit rate decreased in the fourth quarter

The profit rate in the Q4 2021 was 43.9%, which is by 0.7 percentage point (p. p.) less, quarter-on-quarter, and by 2.7 p. p.1 less, year-on-year. The total labour costs of non-financial corporations increased by 7.2%1, y-o-y. The investment rate increased by 0.4 p. p., q-o-q, and reached 26.7%. It slightly decreased by 0.1 p. p.1, year-on-year.


Households: consumption decreased in real terms by 2.6% in the fourth quarter

The total of real monetary and non-monetary income of households per capita increased in the Q4 2021 by 1.5%, q-o-q, and in the year-on-year comparison it increased by 0.1%1. Household real consumption per capita decreased by 2.6%, q-o-q. It increased by 6.6%1 in the year-on-year comparison.

The average monthly income from employment reached CZK 41 5191 in the Q4 2021. It decreased in real terms by 0.2%, q-o-q; in the y-o-y comparison, it decreased by 1.3%.

Resulting from the quarter-on-quarter decrease of household expenditure and from the increase of their total income was a higher saving rate, namely 18.4%. In the quarter-on-quarter comparison, the household saving rate was by 1.9 p. p. higher; in the y-o-y comparison, it decreased by 6.4 p. p.1. The investment rate in the household sector increased by 0.3 p. p., quarter-on-quarter, and reached 10%. The investment rate of households increased by 1.0 p. p. 1, year-on-year.


Non-financial corporations in 2021: investment rate decreased by 1.4 p. p.

The profit rate in 2021 reached 45.4%, which was by 0.5 p. p.1 more, y-o-y. The profit rate in the Czech Republic remained above the European Union’s average, which is approximately 40%. Also in nominal terms, profits increased, y-o-y, despite an increase of labour costs, which increased by 6.8%1, year-on-year. The investment rate decreased by 1.4 p. p.1 compared to that of 2020 and reached 26.5%.

The profit rate and the investment rate of non-financial corporations (%)

 

Q1

Q2

Q3

Q4

Year 2021

Profit rate

46.9

46.1

44.6

43.9

45.4

Investment rate

26.4

26.6

26.3

26.7

26.5


Households in 2021: real income increased by 3.9%

The household real income per capita increased by 3.9% compared to that of 2020. The household real consumption per capita increased by 5.1%.

Household real income and expenditure, y-o-y change (%)1

 

Q1

Q2

Q3

Q4

Year 2021

Real income

5.1

7.3

3.9

0.1

3.9

Real consumption (expenditure)

-3.0

9.7

6.9

6.6

5.1

The average monthly income from employment reached CZK 38 5151 in 2021 and increased by 2.7%, in real terms, compared to 2020.

The saving rate reached 20.1% in 2021 and was by 1.1 p. p.1 lower than in 2020. The investment rate in the household sector reached 9.8% in 2021 and thus it increased by 0.7 p. p.1


Relationship to the rest of the world in 2021: profit from foreign investment reached CZK 372 billion

The profit from foreign investment reached 6.1% of GDP. Foreign owners distributed CZK 204 billion in the form of dividends; almost CZK 168 billion were reinvested. This development reflects high profitability of foreign direct investment in the Czech Republic.

On the contrary, the outflow of income from profit was partially compensated by an inflow of income from abroad, especially by income from employment and by subsidies. A balance of primary income from abroad was by CZK 53 billion worse, y-o-y, and reached CZK −237 billion.

The gross national income increased in real terms by 2.8% in 2021.

The gross disposable income for the whole economy increased in real terms by 2.8% in 2021.


GDP estimate refinement

New data for the general government sector were also included in the sector accounts for the fourth quarter of 2021, which resulted in the refinement of the gross domestic product (GDP) growth rate estimate. The GDP increased by 3.6% in the year-on-year comparison and by 0.8%, quarter-on-quarter, in the fourth quarter of 2021. The GDP in 2021 increased by 3.3%. For the time series of GDP resources and uses see: https://www.czso.cz/csu/czso/hdp_ts.

1 seasonally non-adjusted piece of data

All terms are in terms of national accounts; for explanations of terms written in bold italics see: https://apl.czso.cz/nufile/Definitions.pdf.

 

Contact person: Vladimír Kermiet, Director of the National Accounts Department, phone number (+420) 274 054 247, e-mail: vladimir.kermiet@czso.cz
Used data sources updated as at: 24 March 2022
Related CZSO website: https://www.czso.cz/csu/czso/quarterly-national-accounts-gdp-resources-and-uses-and-gdp-preliminary-estimate
Next News Release will be published on: 30 June 2022 (Quarterly Sector Accounts for the first quarter of 2022)

Data of quarterly sector accounts are seasonally adjusted unless otherwise stated.

The news releases of Eurostat on quarterly sector accounts are published later. The latest published information for the third quarter of 2021 is available at:
https://ec.europa.eu/eurostat/web/products-euro-indicators/-/2-27012022-AP,
https://ec.europa.eu/eurostat/web/products-euro-indicators/-/2-11012022-AP.

Quarterly sector accounts data are published on the CZSO website in the tables of Transactions in Products and Distributive Transactions by Sector: http://apl.czso.cz/pll/rocenka/rocenkavyber.kvart_qsa?mylang=EN&oblast=@RU
and Quarterly Non-financial Sector Accounts (Current and Capital Accounts): 
http://apl.czso.cz/pll/rocenka/rocenkavyber.kvart_qsa_mat?mylang=EN&oblast=@RU

 

  •      acsu033122.docx

  • Annexes:
  • Table 1 Selected indicators of Quarterly Sector Accounts - (seasonally non-adjusted data)
  • Table 2 Selected indicators of Quarterly Sector Accounts - y-o-y change (seasonally non-adjusted data)
  • Table 3 Selected indicators of Quarterly Sector Accounts (seasonally adjusted data)
  • Table 4 Selected indicators of Quarterly Sector Accounts - q-o-q change (seasonally adjusted data)
  • Chart 1 Average monthly income of households from employment – seasonally adjusted
  • Chart 2 Real income and consumption expenditure of households – seasonally adjusted
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Published: 31.03.2022
The data are valid as of the release date of the publication.


Contact: Information Services Unit - Headquarters, tel.: +420 274 056 789, email: infoservis@czso.cz