Selected economic indicators - April, May 2010

Selected economy indicators

In April, industrial production volume continued growing y-o-y, for the fifth successive month. On the contrary, in this year construction output permanently remains deeply under the last-year level. The y-o-y external trade grew by double-digit paces in April; exports grew slightly faster than imports. The trade balance ended in a surplus.
In May, the m-o-m consumer prices level slightly increased, the inter-annual growth accelerated. The registered unemployment rate decreased due to seasonal work in May.

APRIL 2010

INDUSTRY

The volume of industrial production remained in the March growth, in April rose by 10.9%. The total increase was most contributed to by 3.4 p.p. manufacture of motor vehicles, trailers and semi-trailers (growth by more than one fifth), by next 1.8 p.p. manufacture of basic metals, manufacture of fabricated metal products, foundry industry (growth by 55.1%) and by 1.3 p.p. manufacture of metal constructions and metal-working products (growth by 17.3%) A downward effect on the growth (identically by -0.4 p.p.) came from manufacture of other non-metallic mineral products (drop by 6.7%) and manufacture of beverages (drop by 16.0%). The seasonally adjusted volume of industrial production increased by 1.0% as against March.

Revenues from industrial activity at current prices increased by 9.7%. Direct export revenues of industrial enterprises at current prices increased by 15.0%. Their share in total revenues of industrial enterprises made up 49.5%, in April 2009 it was less by 2.3 p.p.

The average registered number of employees in enterprises with 50+ employees decreased by 6.3% compared with April 2009. Their average monthly nominal wage reached CZK 24 754 and rose by 5.1% nominally and really by 4.0% compared with April 2009.

The value of new orders in selected industrial CZ-NACE activities raised by 14.2% compared with April 2009, non-domestic new orders increased by 17.3%.

In January to April, as against the equal period of 2009, volume of industrial production increased by 8.3%. Sales in industry went up by 4.6% at current prices and direct export sales by 10.3%. The average number of employees in enterprises with 50+ employees went down by 9.9%, an average monthly wage went up nominally and really by 5.4% and 4.6%, respectively.

CONSTRUCTION

In April, the y-o-y volume of construction output went down by 15.3% (at constant prices), which was the lowest drop in this year. The drop in volume of building construction by 14.7% approached the drop in volume of structural engineering by 15.5%. The m-o-m seasonally adjusted construction output went up by 4.8%.

The construction of 2 771 dwellings started, which was by 1.6% more than a year ago, number of dwellings finished went up almost by one fifth for total 2 891 dwellings.

An average number of employees in construction enterprises with 50+ employees went down by 4.3% y-o-y. Their average monthly wage reached CZK 30 404 and decreased by 1.3% y-o-y; in terms of real comparison its drop was 2.4%.

In terms of real comparison, in January to April the y-o-y volume of construction output was lower by sizeable 19.4%; in structural engineering by 11.8% and in building construction by 22.1%. In construction enterprises with 50+ employees number of employees reduced by 5.6%, their average monthly wage went up nominally by 1.9% and really by 1.1%. Number of dwellings started dropped by 21.0%, whilst number of dwellings finished went up by 2.8%.

EXTERNAL TRADE ¹

The y-o-y volume of exports continued growing for sixth subsequent month in April (by 13.0%), the growth in imports was almost identical (by 12.9%) – all at current prices. The trade balance ended in a surplus amounted to CZK 15.4 bn that was by CZK 1.9 bn higher y-o-y. The trade balance with EU member states was active by CZK 48.9 bn (by CZK 9.3 bn higher on a year ago) and with non-EU countries passive by CZK 33.5 bn, in April 2009 the debit was better by CZK 7.4 bn. The external trade balance affected mainly a growth in surplus of trade of industrial durable goods, raw materials and machinery and means of transports. On the contrary, the deficit increased in trade of mineral fuels. After seasonal adjustment, both m-o-m exports and imports went down by 1.9% and by 3.0%, respectively. Trends in exports and in imports went up by 0.9% and 0.1%, respectively.

In January to April volume of exports and imports went up by 11.1% and 9.9%, respectively. The trade balance surplus amounted to CZK 61.2 bn was higher by CZK 13.4 bn y-o-y.


MAY 2010

CONSUMER PRICES

In total, in May consumer prices level as against April increased by 0.1%, prices of goods went up by 0.2%, prices of services went by 0.1%. Prices of healthcare raised most (prices and additional fee for drugs by 4.4%) and of alcoholic drinks and tobacco (prices of tobacco products by 2.1%). For the fifth month successive automotive fuels prices rose. In terms of the y-o-y comparison, consumer prices growth accelerated to 1.2% (i.e. by 0.1 p.p. more than in April 2010). The price level increase influenced identically by 0.4 p.p. prices of public transport (prices increase by 3.8%), prices in housing, water, energy and fuel (prices increase by 1.4%), and of alcoholic drinks and tobacco (prices increase by 4.7%) and by 0.2 p.p. prices in healthcare (prices increase by 7.2%) An impact on prices in other groupings varied from -0.1 p.p. to 0.1 p.p. In total, prices of goods increased by 0.5% and prices of services went up by 2.1%.

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 reached 0.6% in May and was the same like in April 2010. Living costs (hypothetical rental fee is not involved) in households of pensioners went up by 0.8%.

In May, the average harmonized index of consumer prices increased in the Czech Republic by 1.0% y-o-y (according to a flash estimate of Eurostat, the HICP in Euro-zone was 1.6%).

UNEMPLOYMENT

In May 2010 the growth of registered unemployment rate (according to the Ministry of Social Affairs) decreased by 0.5 p.p. m-o-m, identically like in April, and approached 8.7% to the end of the month. The unemployment rate in females reduced by 0.2 p.p. to 9.9% and in males by 0.6 p.p. to 7.8%. It dealt with the third drop, whilst last year the registered unemployment rate reduced only in October. As against end of May 2009 the registered unemployment rate was up by 0.8 p.p. Labour offices registered 514.8 thousand job applicants to the end of May, which was by 25.3 thousand lower than a month ago, as against end of May last year increased by 57.2 thousand persons, i.e. by 12.5% . A decrease in the number of unemployed freshly graduated students and adolescents and their contribution to the total number of unemployed decreased by 0.6 p.p. to 5.5% as against the previous month, at the end of May 2009 reached 5.2%. In May growth of free job opportunities number slightly increased (by 0.2 thousand) m-o-m. Number of applicants per one job opportunity was 15.6 compared to 9.5 applicants at the end of May 2009.


This press release was not edited for language.

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¹ The method of foreign trade data updating has been changed from quarterly (used till now) to monthly, starting with data processing for February 2010. With dissemination of preliminary data of the reference month will also be updated data for three preceding months at the same time.
Definitive data for 2009 will be published in September 2010.

Published: 11.06.2010
The data are valid as of the release date of the publication.