Latest economic data

 

Indicator Period Year-On-Year
Increase
/Decrease (%)
Release
Date
Gross domestic product 4. quarter of 2016 1,7 14 February 2017
Consumer price index January 2017 2,2 10 February 2017
Inflation rate January 2017 0,8 10 February 2017
Industrial production December 2016 2,7 07 February 2017
Construction production December 2016 1,9 07 February 2017
Receipts from sales of retail trade (CZ-NACE 47) December 2016 3,0 06 February 2017
Average gross wages and salaries - Nominal 3. quarter of 2016 4,5 05 December 2016
Average gross wages and salaries - Real 3. quarter of 2016 4,0 05 December 2016
Producer price indices - Agriculture December 2016 -4,7 16 January 2017
Producer price indices - Industry December 2016 -0,4 16 January 2017
Producer price indices - Construction works December 2016 1,2 16 January 2017
Producer price indices - Market services December 2016 0,2 16 January 2017
External trade - Imports December 2016 -1,8 07 February 2017
External trade - Exports December 2016 0,7 07 February 2017
Export and import price indices - Import December 2016 1,5 16 February 2017
Export and import price indices - Export December 2016 -0,5 16 February 2017
General unemployment rate* December 2016 3,6* 31 January 2017

 


*) In terms of per cent, it is not increase/decrease



Gross domestic product (GDP) is the key indicator of the economic development. It represents the sum of values added by all branches of activities which are considered productive in the system of national accounts (including market and non-market services). Calculations are made at current prices and results are then converted into constant prices so that development excluding influences due to price changes can be kept track of.

Increase (or decrease) of GDP shows by how many % it increased (or decreased) in real terms during surveyed quarter against the same quarter of the previous year, after adjustment for seasonal and working day effects.



Commonly, inflation is considered as the growth of average price level in time. Inflation rate is measured by the increment of consumer price index.

Presented inflation rate (more precisely average inflation rate) characterizes the percentage change of average price level of latest twelve months against the average price level of previous twelve months. Starting from 2016, the base price period is expressed by average prices from December 2015. From the beginning of the year 2010 the index base is year 2005.

Presented consumer price index shows the percentage change of the price level in the reference month compared to the corresponding month of the preceding year.

The consumer price (cost of living) index measures the movement of the overall price level.
It is measured on consumer baskets based on a sample of goods and services paid for by population. Price representatives include such products and services which account for an important share in population's expenditure and cover the entire sphere of consumption. Currently, their total number is 700. They are gradually aggregated into 12 main parts of consumer basket by means of a weighed arithmetic average of individual price indices. Weights for the consumer baskets, which are used to calculate consumer price (cost-of-living) indices, are based on the structure of household expenditures as established by national accounts statistics in 2014. The structure of the 2010 Household Budget Survey, which is updated continuously based on other available sources and surveys, has been predominantly kept for elementary aggregates.



Industrial production index (IPI) is a key indicator of industrial short-term statistics used to measure the output of industrial economic activities and of entire industry, adjusted for price effects. In a large part the calculation is based on revenues from sales of own goods and services at constant prices; in certain economic activities (CZ-NACE divisions 05, 06, 19, 35) the production volumes of products-representatives are used. The index is primarily calculated as a monthly fixed base index (average month of 2005 = 100) at the level of two-digit CZ-NACE divisions. Weights derived from the structure of value added in the base year are used for higher-level aggregations (up to sections, main industrial groupings and industry in total). The fixed base indices provide the basis for year-on-year indices and cumulations over time, if any (quarterly, semi-annual, annual cumulations).
In compliance with regulations of Eurostat the industrial production index covers CZ-NACE sections B, C, D (except group 35.3).

Increase (or decrease) of industrial output shows by how many % the industrial output increased (or decreased) in surveyed month in comparison with the same month of the previous year.



Construction production index is a key indicator of construction short-term statistics used to measure the output of construction economic activities, adjusted for price effects. The construction production index is published for the whole population of enterprises with construction as principal activity and its trend is approximated by the development in the general construction work.



Retail trade sales, excluding motor vehicles, include all receipts from sales of goods, own products and services, excluding VAT, as measured on a fixed sample of enterprises. These are retail trade receipts from sales of food, non-food goods, and automotive fuel. The value of sales is recalculated in constant prices (average of 2010 = 100).

Increase (decrease) of sales in retail trade indicates by how many per cent the total value of receipts increased (decreased) in the given month compared to the same period of the previous year.

 

The average monthly nominal wage of an employee includes all income from work (basic wages and salaries, payments additional to wage or salary as personal bonuses, bonuses and rewards, shares in company profit, and compensations for wages and salaries), which is accounted to the registered number of employees according to effective regulations on wages and salaries. The wage is calculated to the whole national economy and therefore it involves data for all employees. It is given to full-time equivalent employees and thus takes into account the working hours of the employees.

A growth (decline) in the average nominal wage expresses percentage by which this wage increased (decreased) in the given quarter compared to the same period of the previous year.

The data on a growth (decline) in the average real wage are determined as a increase (decrease) in the ratio of average nominal wage index and consumer price index for the same reference period.



The price index of agricultural producers is calculated every month from prices collected among approximately 650 selected producers in agriculture (private, cooperative and state-owned companies) and does not include VAT. Collected are prices (excluding those of output for own consumption) designed for and obtained in internal market. Since 1 January 2001, prices of agricultural producers are measured on 95 fundamental agricultural products (price representatives): 63 plant products (including fruits and vegetables) and 32 livestock products.

Average prices of the products are calculated as a simple arithmetic mean of prices of individual producers. Price indices of the individual products (representatives) are obtained through weighing the calculated average prices with particular, individually determined weight proportions of individual products in a given month. The weight proportions are determined for both products and their aggregates.

A constant weight pattern is used to calculate individual, group and aggregate price indices. This weight pattern was derived from the structure of receipts from sales of agricultural products in the months of 1999 which is the base price period.

Increase (or decrease) of agriculture producer prices indicates by how many % the average level of agricultural prices increased (or decreased) in surveyed month in comparison with the same month of the previous year.



The industrial producer price index are surveyed monthly on the basis of data provided by the selected organizations (about 1100) for the selected representatives (about 4600). The reported prices are those agreed upon between the supplier and the customer inland. They exclude VAT, excise tax, costs of transport to the customer and costs incidental to the transport, and are invoiced for the more important trade cases.

The industrial producer price index is calculated from the reported prices using constant weights. The index measures the average trend in prices of all industrial products produced and sold in the domestic, Czech market. All products produced within the commodity groups of the Sections B to E of CZ-NACE are regarded as industrial products.

During the year 2011 a complex standard revision of industrial producer price indices had taken place. On its base, the price indices are calculated on the new 2010 constant weights since January 2012. The weights of industrial producer price indices were determined on the structure of 2010 domestic sales from the questionnaires ‘Prum 2-01’ (‘Industry 2-01’), ‘P4-01’ and ‘Ceny Prum 1-12’ (Industry Prices 1-12’).

The basilar indices with the base December 2005 = 100 were replaced by the new technical price base December 2010 = 100. Indices calculated that way are chained from the 4-git level of CZ-CPA to the existing price indices with the base 2005 average = 100 and December 2005 = 100 and thus continuation of the present time series is ensured.

2005 average = 100 is base time series for the calculation of derived indices (previous month = 100, same period of the previous year = 100 and ratio of rolling averages).

Increase (or decrease) of industrial producer prices indicates by how many % the average level of industrial prices increased (or decreased) in the surveyed month in comparison with the same month of the previous year.



Price indices of construction works are calculated by prices measured in the quarterly statistical survey Ceny Stav 1-04. Therefore monthly indices are estimated with the help of another monthly statistical surveys at CZSO.

The data which is entering into the estimates: the quarterly price indices of construction works, monthly price indices of material inputs consumed products in a building industry and immaterial inputs.

The estimates are regularly updated with retrospective effect (on the 45th day after the end of the quarter concerned), according to results of the quarterly price survey Ceny Stav 1-04.

Increase (or decrease) of price indices of construction works and constructions indicates by how many % the average level of industrial prices increased (or decreased) in the surveyed term in comparison with a price level in a comparative term. Corresponding period of the last year (month) is the comparative term.
The text about price indices of construction works was not edited for language.



The aggregate price index of market services includes the following price indices in the business sphere (i.e. between businesses): price indices of internal goods transport, postal and communications services, financial intermediation, and the other business services and sewerage.

Price surveys of these market services, which are aggregated into the aggregate price index, include selected services of the CZ-CPA and CZ-NACE (national version of NACE) in the following Divisions: 60, 61, 62, 64, 65, 66, 70, 71, 72, 74, and 90.

The constant weight of aggregate index is the sum total of the weights for individual services in 1999.

Increase (or decrease) of prices of market services indicates by how many % the average level of these prices increased (or decreased) in surveyed month in comparison with the same month of the previous year.



Exports:
Export gives the value of goods that were dispatched abroad and crossed the state border for the purpose of being left abroad, permanently or temporarily. Total export consists of dispatch to EU Member States and export to third countries.

An increase (decrease) of exports indicates the percentage by which value of exports at current prices grew (fell) in given period compared to the corresponding period of the previous year.


Imports:
Import give the value of goods that were received from abroad and crossed the state border for the purpose of being left in the Czech Republic, permanently or temporarily. Total import consists of receipt from EU Member States and import from third countries.

An increase (decrease) of imports indicates the percentage by which value of imports at current prices grew (fell) in given period compared to the corresponding period of the previous year.



The export and import price index has been calculated for the Czech Republic since 1998. The prices are measured by means of the national monthly statistical questionnaire Ceny ZO 1-12.

The price representatives were chosen by economic subjects important for the external trade of the Czech Republic (by both production enterprises and enterprises engaged in foreign trade only) - about 580 of them engaged in exports and about 590 in imports. At present, the weight pattern includes approximately 2050 exported and 2100 imported products, raw materials and supplies - price representatives, which take up a significant share in the value of rather significant groups traded in the framework of external trade (both exports and imports).

The basis of implementation prices are invoiced prices of significant import and export trade transactions - they are converted into CZK by average monthly exchange rates declared by the Czech National Bank. This is carried out either by a reporting unit or the Czech Statistical Office if prices are reported in a foreign currency. The price indices reflect thus changes in foreign exchange rates, too. The stated prices are free of duty, value added tax and consumer tax.

During the year 2006, the regular revision of price indices was accomplished which resulted in revised external trade price indices calculated on external trade structure of 2005 with the index reference period the 2005 average. Price indices for period January 2005 – December 2006 were recalculated. The original indices for these years lose their validity.

Increase (decrease) of export and import prices show how many percent average price level increased (decreased) in comparison with average price level of the same period in previous year by.



The general unemployment rate is a share (as percentage) of the number of the unemployed in the total labour force. The ratio is built the way the numerator and denominator in the ratio are indicators defined in the Eurostat methodology that has been developed based on definitions and recommendations of the International Labour Organization (ILO). The general unemployment rate is obtained from results of the Labour Force Sample Survey (LFSS). The survey covers all persons having usual residence in a selected dwelling with no regard to which type their stay in there is. The sample includes approximately 25 thousand randomly selected dwellings over the whole territory of the Czech Republic (that is over 0.6% of all permanently occupied dwellings). The value published is for the age group 15-64 years and is seasonally adjusted.