Selected economic indicators - October, November 2010

Selected economy indicators

The y-o-y industrial production volume rose the eleventh successive month, the growth rate however slowed down. The construction continued dropping, but the decrease was lower. The volume of imports continued growing faster; the trade balance was lower on a year ago.
In November, the m-o-m consumer prices level increased as against October, the inter-annual gain of prices did not change the third successive month. Number of registered unemployed people returned to the original level above one half million after a month, the registered unemployment rate did not change inter-annually, but slightly increased inter-monthly.

OCTOBER 2010

INDUSTRY

The y-o-y volume of industrial production in October was up by 6.9%, after working days adjustment by 9.6%. The total increase was mostly contributed to by 1.6 percentage point manufacture of motor vehicles, trailers and semi-trailers (growth by 9.3%), by next 1.4 p.p. manufacture of metal constructions and metal-working products with production growth by 18.1% and by next 1.0 p.p. manufacture of computer, electronic and optical products (growth by 26.3%). A downward effect on the growth (by -0.2 p.p.) came from the drop in manufacture of food products by 4.9%. The seasonally adjusted volume of industrial production decreased by 0.3% as against September.

Revenues from industrial activity at current prices increased by 7.8 % y-o-y. Direct export revenues of industrial enterprises increased by 12.5 %. Their share in total revenues of industrial enterprises made up 49.8 %; in October 2009 it was less by 2.1 p.p.

The average registered number of employees (workers hired by agencies are not involved) in enterprises with 50+ employees decreased by 1.3% inter-annually. Their average monthly wage reached CZK 24 767 and rose by 2.4% nominally and really by 0.4%.

The value of new orders in selected industrial CZ-NACE activities raised by 12.6% inter-annually, non-domestic new orders increased by 11.5%.

From January to October, as against the equal period of 2009, volume of industrial production increased by 9.7%. Sales in industry went up by 9.3% at current prices and direct export sales by 15.7%. The average number of employees in enterprises with 50+ employees went down by 5.5%, an average monthly wage went up nominally and really by 4.3% and 3.0%, respectively.

CONSTRUCTION

In October, the y-o-y volume of construction output went again down, by 1.4% (at constant prices) this time; after workings day adjustment went down only by 0.2%. The gain in building construction by 2.3% did not succeed in replacing the structural engineering decrease by 7.4%. The construction output after seasonal adjustment increased by 1.2% m-o-m.

The construction of 2 023 dwellings started, which was by 25.4% less than a year ago, number of dwellings finished went up by 11.5% to 3 495 dwellings.

An average number of employees (workers hired by agencies are not involved ) in construction enterprises with 50+ employees went down by 0.4% y-o-y. Their average monthly wage reached CZK 29 194 and increased by 7.8% y-o-y; in terms of real comparison its grow was 5.7%.

From January to October the y-o-y volume of construction output was really lower by 8.1% as against during first ten months of 2009 year, in which in structural engineering by 6.1% and in building construction by 9.1%. In construction enterprises with 50+ employees number of employees reduced by 3.6%, their average monthly wage went up nominally by 3.5% and really by 2.2%. Number of dwellings started decreased by 26.0%, number of dwellings finished decreased by 6.6%.

EXTERNAL TRADE

In October, the y-o-y volume of exports increased by 17.2%, for the eighth successive month volume of imports grew faster, now by 19.4% - all at current prices. The trade balance ended in a surplus amounted to CZK 15.3 bn in October, which was by CZK 1.1 bn lower inter-annually. The trade balance with EU member states was active by CZK 58.2 bn (by CZK 11.4 bn higher on a year ago) and with non-EU countries passive by CZK 42.9 bn, in October 2009 the debit was better by CZK 12.5 bn. The trade balance was negatively affected by the deficit increase in trade of mineral fuels by CZK 1.7 bn and chemical products by CZK 1.6 bn. After seasonal adjustment, m-o-m exports went up by 3.1% and imports went down by 0.1%. Trends in exports and in imports went up by 1.2 % and 0.1%, respectively.

From January to October exports y-o-y increased by 16.0% and imports by 18.6% The trade balance surplus amounted to CZK 111.6 bn was lower by CZK 20.8 bn than during first ten months of 2009.


NOVEMBER 2010

COMSUMER PRICES

In November, total consumer prices level increased by 0.2% as against October. In total, prices of goods increased by 0.5% whereas the prices of services went down by 0.2%.
The biggest price raise settled in food and non-alcoholic beverages (mainly of vegetables by 7.5%, fruit by 4.8% and bakery products and cereals by 3.1%). On the other hand, the seasonal drop of prices in domestic holiday by 8.1%, in outbound holiday by 2.4% and in spa stays by 5.2% had an opposite effect. In terms of the y-o-y comparison, consumer prices growth was the same like in previous two months, i. e. by 2.0%. The price level increase was influenced by 0.9 p.p. by prices of food and non-alcoholic beverages (prices increase by 5.2%), by next 0.6 p.p. by prices in housing, water, energy and fuel (prices increase by 2.3%) and by 0.4 p.p. by prices of alcoholic beverages and tobacco (prices growth by 4.9%).

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 1.4% in November and was by 0.2 p.p. higher than in October. Living costs (hypothetical rental fee is not involved) in households of pensioners went up by 1.9%.

In November, the average harmonized index of consumer prices increased in the Czech Republic by 1.9% y-o-y (the Eurostat flash estimate for Euro-zone was 1.9%).

UNEMPLOYMENT

The registered unemployment rate (according to the Ministry of Social Affairs) slightly increased by 0.1 p.p. in November and amounted to 8.6% to the end of the month. The unemployment rate in males went up by 0.2 p.p. to 7.4%, in females stayed the same as in October, i.e. at 10.1%. As against end of November 2009 the registered unemployment rate did not change, and the same situation repeated in October y-o-y comparison. At the end of November labour offices registered again over one half million of unemployed people (506.6 thousand) which was by 11.5 thousand more than a month ago; as against end of November last year the number of unemployed decreased by 2.3 thousand persons. The number of unemployed freshly graduated students and adolescents decreased and their contribution to the total number of unemployed people lessened by 0.6 p.p. to 7.1% as against the previous month, and the same situation repeated at the end of November 2009. Number of free job opportunities dropped by 1.3 thousand and was 32.3 thousand m-o-m. Number of applicants per one job opportunity was 15.7 compared to 15.5 applicants at the end of November 2009.


This press release was not edited for language.

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Published: 13.12.2010
The data are valid as of the release date of the publication.