Latest economic data

 

Indicator Period Year-On-Year
Increase
/Decrease (%)
Release
Date
Gross domestic product 4th quarter of 2020 -4,8 01 April 2021
Consumer price index March 2021 2,3 13 April 2021
Inflation rate March 2021 2,8 13 April 2021
Industrial production February 2021 -2,6 08 April 2021
Construction production February 2021 -11,0 08 April 2021
Receipts from sales of retail trade (CZ-NACE 47) February 2021 -5,8 07 April 2021
Average gross wages and salaries - Nominal 4th quarter of 2020 6,5 08 March 2021
Average gross wages and salaries - Real 4th quarter of 2020 3,8 08 March 2021
Producer price indices - Agriculture February 2021 -1,6 15 March 2021
Producer price indices - Industry February 2021 1,4 15 March 2021
Producer price indices - Construction works February 2021 1,8 15 March 2021
Producer price indices - Market services February 2021 1,4 15 March 2021
International trade in goods (change of ownership) - Imports February 2021 3,3 08 April 2021
International trade in goods (change of ownership) - Exports February 2021 3,8 08 April 2021
Export and import price indices - Import February 2021 2,1 13 April 2021
Export and import price indices - Export February 2021 4,5 13 April 2021
General unemployment rate* February 2021 3,3* 01 April 2021

 


*) 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 2020, the base period prices are expressed by average prices from December 2015. From the beginning of the year 2017 the index base is 2015 year average.

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 2018. The weights for elementary aggregates are updated using the Household Budget Survey extended by other available sources and surveys.

 

The industrial production index (IPI) measures the output of industrial economic activities and of the industry in total, adjusted for price effects. It is a basic indicator of industrial short-term statistics. In a large part the calculation is based on sales of own goods and services at constant prices; in certain economic activities the production volumes of products-representatives are used to characterize the development. The index is primarily calculated as a monthly fixed-base index 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). In compliance with regulations of Eurostat the industrial production index covers CZ-NACE sections B, C, D (excluding 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.

 

The construction production index (ISP) is a basic indicator of business statistics of construction. Its calculation is based on the development in the general construction work converted into fixed prices. The index is primarily calculated as a month base index. It is published for the whole population of enterprises with construction as principal activity.

 

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 2015 = 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 500 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.

The agricultural price statistics distinguishes seasonal and unseasonal commodities.
The average monthly price of the observed agricultural products is a simple arithmetic mean of reported prices of individual producers.
The average annual price and average price from the beginning of the year are calculated for the unseasonal commodities as the simple arithmetic mean from the average monthly prices and for the seasonal commodities are calculated as a weighted arithmetic mean of individual months in which price was observed.

Agricultural producer price indices are calculated from January 2018 to the new weighting schemes derived from the average sales for the years 2014, 2015 and 2016. The indices are calculated on the new price base average of 2015 = 100.

A structure of the agricultural producer price indices is formed by 59 basic agricultural products (price representatives), 46 of which are crop products, including fruits and vegetables, and 13 of which are animal products. Further, the prices of 38 another products, which aren’t included into calculation of indices, are observed.

The monthly price indices of individual representatives are calculated as quotient of their average price in the reference month and the average annual price in 2015. The monthly indices for higher aggregations are calculated using the weighted arithmetic average of the price indices of relevant products (weights in per mill).
According to the ‘national concept’ all agricultural products are considered as highly seasonal items (weighting proportions in different months are reciprocally diverse). Thus, there is used two-dimension weighting scheme (matrix) for each product. One dimension is intended as a vertical aggregation from a detailed representative up to the highest aggregate index for the whole set of the representatives ‘Agricultural products, total’. The second dimension is for 12 months in the year. A nominal sum ‘1000’ equals the sum of constant weights of the highest aggregation ‘Agricultural products, total’ for all 12 months of the base year. Therefore we use variable weights for calculating the price index of agricultural producers.

Increase (or decrease) of agriculture producer prices 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.

 

Industrial Producer Price Index is calculated with the stable weighting scheme on the base of monthly survey. Industrial producer price index measures the average price trend all industrial products and sold on the domestic market. Industrial products are products, which are produced in the branches B to E by Statistical Classification of Economic Activities (CZ-NACE).

Industry total means the sum of B, C, D and E sections. The classification of products in its current version, valid since 1st January 2015, is prepared on the basis of the European standard of CPA 2015 (Classification of Products by Activity).

During the year 2016 a complex standard revision of industrial producer price indices took place. On its base, the price indices are calculated on the new 2015 constant weights since January 2017. The weights of industrial producer price indices were determined on the structure of 2015 domestic sales from the questionnaires ‘Prům 2-01’ (‘Industry 2-01’), ‘Ceny Prům 1-12’ (Industry Prices 1-12’) and the administrative data of the questionnaire P4-01.

The price indices with the base December 2010 = 100 were replaced by the new technical price base indices December 2015 = 100. Indices calculated that way are chained from the 4-digit level of CZ-CPA to the new base indices 2015 average = 100 and 2005 average = 100.

The calculation of the indices December 2005 = 100 was ended and the calculation of indices 2015 average = 100 was made retroactively to January 1990. For the needs of international organizations has also introduced a new base 2010 average = 100.

The base time series for the calculation of the derived indices (month-on-moth, year-on-year and ratio of rolling averages) is 2015 average = 100.

Increase (or decrease) of industrial producer prices 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.

 

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 46th 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 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.

 

Price index of market services in the business sphere is the indicator for monitoring of price movements and measurement of inflationary pressures on the market of services. The objective of the index is measure average monthly change of prices of the selected market services designed predominantly for the business sphere on the domestic market. Surveyed prices are realization contract prices, eventually prices from price lists, which are adjusted from the value added tax.

The aggregate price index of market services comprises partial price indices of selected services by the Classification of Products in the following divisions 49, 50, 52, 53, 58, 61, 62, 63, 64, 65, 68, 69, 70, 71, 73, 74, 77, 78, 80, 81, 82. They are price indices of the following market services: land transport services and transport services via pipelines, water transport services, warehousing and support services for transportation, postal and courier services, publishing services, telecommunications services, computer programming, consultancy and related services, information services, financial services, except insurance and pension funding, insurance, reinsurance and pension funding services, except compulsory social security, real estate services, legal and accounting services, management consulting services, architectural and engineering services, advertising and market research services, other professional, scientific, and technical services, rental and leasing services, employment services, security and investigation services, services to buildings and landscape, office administrative, office support and other business support services.

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 of goods:
the value of exported goods declared at the border crossing by residents and taken from Intrastat and Extrastat data and the value of goods purchased by foreign entities on the territory of the Czech Republic and taken from value added tax return forms submitted by non-residents in the Czech Republic.

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 of goods:
the value of goods declared at the border crossing directly by residents and taken from Intrastat and Extrastat data and the value of goods sold by foreign entities on the territory of the Czech Republic and taken from value added tax return forms submitted by non-residents in the Czech Republic.

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 two questionnaires called Ceny ZOD 1 - 12 for import prices, and Ceny ZOV 1 - 12 for export ones.

The price representatives were selected by domestic businesses important for international trade of the Czech Republic. Both production enterprises, as well as enterprises engaged in foreign trade activities only, of them about 600 businesses engaged in exports and around 600 ones in imports. At present, the weighting schemes for export and import include in total more than 5000 products, raw materials and supplies – the price representatives, which form a significant share in the actual value of trade in rather significant groups of international trade, both exports and imports.

The base of actual prices are prices invoiced in rather significant import and export trade transactions converted into CZK by the appropriate average monthly exchange rates declared by the Czech National Bank. The conversion is carried out either directly by the reporting unit, or by the Czech Statistical Office in cases reporting units submit the prices in a foreign currency. The price indices thus reflect, besides the price trend, changes in foreign exchange rates, too. The given prices are free of custom duties, value added taxes, and excise duties.

During the year 2017 a standard revision of the calculation of international trade price indices was carried out. Since the reference period of January 2018, export and import price indices have been calculated using a new weighting scheme based upon international trade in goods structure of 2015, and with the price base of the average of 2015 = 100. Since January 2018, newly calculated indices with the price base of the average of 2015 = 100 are chained to this time series of indices, which provides for its continuation.

Increase (decrease) of export and import prices 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.

 

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.