Selected economic indicators - March, April 2010

Selected economy indicators

In March, industrial production volume continued growing y-o-y, for the fourth month. On the contrary, construction output remained deeply under the last-year level also in March. The y-o-y external trade grew in March, imports grew faster than exports. The trade balance ended in a surplus. In March was more one day than a year ago.
In April, the consumer prices level increased m-o-m; it was also higher in the same month in 2009. Due to seasonal jobs the registered unemployment rate decreased.

MARCH 2010

INDUSTRY

In March, the y-o-y volume of industrial production was by 10.2% higher (after working days adjustment increased by 8.0%). The total increase was most affected by 3.9 p.p. manufacture of motor vehicles, trailers and semi-trailers (growth by more than one fourth), by next 1.3 p.p. manufacture of metal constructions and metal-working products ((growth by 15.9%) and by 1.2 p.p. manufacture of rubber and plastic products (growth by 19.3%). A downward effect on the growth (-0.4 p.p.) came from manufacture of other non-metallic mineral products (drop by 8.6%) followed by manufacture of other means of transport and equipment and manufacture of furniture. The seasonally adjusted volume of industrial production increased by 0.7% as against February.

Sales in industry at current prices went up by 5.0% y-o-y; direct export sales went up by 9.9%. Their share in total revenues of industrial enterprises made up 49.2%; in March 2009 it was less by 2.2 p.p.

The y-o-y average number of employees in enterprises with 50+ employees went down by 8.6%. Their average monthly wage amounted to CZK 24 972 was up nominally and really by 7.4% and 6.7%, respectively.

The y-o-y value of new orders in selected industrial branches increased by 15.8%, value of foreign orders went up by 16.5%.

In Q1, as against the equal period of 2009, volume of industrial production increased by 7.5%. Sales in industry went up by 2.5% at current prices and direct export sales by 8.2%. The average number of employees in enterprises with 50+ employees went down by 11.0%, an average monthly wage amounted to CZK 23 788 went up nominally and really by 5.8% and 5.1%, respectively.

CONSTRUCTION

In March, the y-o-y volume of construction output went down by 18.3% (at constant prices), after working days adjustment by 19.2%. Whilst in structural engineering the production went down by 11.1%, volume of building construction reduced almost by considerable 20.7%. The m-o-m seasonally adjusted construction output went up by 4.8%.

The construction of 2 368 dwellings started, which was less by almost one fourth than a year ago, also number of dwellings finished went down, however by only 1.4% for total 2 885 dwellings.

An average number of employees in construction enterprises with 50+ employees went down by 5.6% y-o-y. Their average monthly wage reached CZK 27 117 and increased by 3.4% y-o-y; in terms of real comparison its growth was 2.7%.

In terms of real comparison, in Q1 the y-o-y volume of construction output was lower by sizeable 22.0 %; in structural engineering by 6.4 % and in building construction by 26.9 %. In construction enterprises with 50+ employees number of employees reduced by 7.1%, their average monthly wage went up nominally by 2.5% and really by 1.8% and amounted to CZK 25 070. Number of dwellings started dropped by 28.1%, whilst number of dwellings finished only by 1.2%.

EXTERNAL TRADE ¹

The y-o-y volume of exports continued growing for fifth subsequent month in March (by 12.7%), which was this year for the first time lower than the growth in imports (by 15.8%) – all at current prices. The trade balance ended in a surplus amounted to CZK 18.3 bn that was by CZK 2.7 bn lower y-o-y. The trade balance with EU member states was active by CZK 50.2 bn (by CZK 0.8 bn higher on a year ago) and with non-EU countries passive by CZK 31.9 bn, in March 2009 the debit was better by CZK 3.5 bn. The external trade balance affected mainly a drop in surplus of trade of semi-finished goods and materials and a growth of deficit in trade of mineral fuel. On the contrary, the trade balance got better among others in trade of industrial durable goods and machinery and means of transports. After seasonal adjustment, both m-o-m exports and imports went up by 5.2% and by 4.3%, respectively. Trends in exports and in imports went up by 1.8% and 1.7%, respectively.

In Q1 volume of exports and imports went up by 10.7% and 8.8%, respectively. In terms of real comparison the y-o-y exports raised approx. by 19 % and imports roughly by 16 %. The trade balance surplus amounted to CZK 47.3 bn was higher by CZK 13.0 bn y-o-y.


APRIL 2010

CONSUMER PRICES

In total, in April consumer prices level as against March increased by 0.3%, prices of goods went up by 0.5%, prices of services went by 0.1%. Prices of clothing and footwear raised most, by 1.3% primarily due to new seasonal models, and in public transport by 1.0% (prices increase of automotive fuel). In terms of the y-o-y comparison, consumer prices growth accelerated to 1.1% (i.e. by 0.4 p.p. more than in March 2010). The price level increase influenced especially prices of public transport (effect by 0.5 p.p., prices increase by 4.1%), by next 0.4 p.p. prices in housing, water, energy and fuel (prices increase by 1.5%), and by 0.3 p.p. alcoholic drinks and tobacco (prices increase by 3.9%). 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 0.3% 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 April and was by 0.1 p.p. lower than in March 2010. Living costs (hypothetical rental fee is not involved) in households of pensioners jumped by 0.8%.

In April, the average harmonized index of consumer prices increased in the Czech Republic by 0.9% y-o-y (according to a flash estimate of Eurostat, the HICP in Euro-zone was 1.5%).

UNEMPLOYMENT

In April 2010 the growth of registered unemployment rate (according to the Ministry of Social Affairs) decreased by 0.5 p.p. m-o-m, and approached 9.2% to the end of the month. The unemployment rate in females reduced by 0.3 p.p. to 10.1% and in males by 0.8 p.p. to 8.4%. It dealt with the second drop, whilst last year the registered unemployment rate reduced only in October. As against end of April 2009 the registered unemployment rate was up by 1.3 p.p. Labour offices registered 540.1 thousand job applicants to the end of April, which was by 32.7 thousand lower than a month ago, as against end of April last year increased by 83.4 thousand persons, i.e. by 18.3% . A decrease in the number of unemployed freshly graduated students and adolescents and their contribution to the total number of unemployed remained unchanged against the previous month and for the fourth month was 6.1%, at the end of April 2009 reached 5.9%. In April growth of free job opportunities number disrupted, it was by 0.3 thousand less free job opportunities (32.9 thousand) as against March. Number of applicants per one job opportunity was 16.4 compared to 9.0 applicants at the end of April 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.

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Published: 12.05.2010
The data are valid as of the release date of the publication.