All analysis from category Macro comment
Macro comment
Wages in Q4: Solid growth at the end of the year
After two years of inflation significantly outpacing wage growth, real wages finally rose again last year. In the final quarter of last year, average wages rose by 7.2 per cent to CZK 49,229, with real wages rising by 4.2 per cent. For the whole of last year, the average wage was CZK 46 165.
Macro comment
Consumer prices in February: falling food prices, more expensive services
January brought the usual revaluation of most goods and services, but prices calmed down again in February. The consumer price index rose 0.2 percent last month, while annual inflation declined slightly to 2.7 percent.
Macro comment
PMI in February: weak demand from abroad
The business conditions index was below the neutral value of 50 points in February for the thirty-third month in a row, indicating a decline in business activity. On the other hand, this is the highest value since June 2022 and a trend improvement is evident. The seasonally adjusted manufacturing purchasing managers' index rose 1.1 points month-on-month to 47.7 in February.
Macro comment
CNB: Series of interest rate cuts continues
Inflation returned to near the inflation target at the start of the year, while economic growth is far from the shape it was used to. In this situation, monetary conditions needed to be eased further. The CNB therefore decided to cut interest rates by a further 25 basis points. The base repo rate was dropped n 3.75 percent. The Board's vote was unanimous.
Macro comment
Foreign trade in December: Impact of cheap oil
Despite the problems that are holding back the economies of our main trading partners, foreign trade did well at the end of the year. The trade balance was also visibly helped by favourable prices for minerals, especially oil. Foreign trade posted a surplus of CZK 6.8 billion in December. Exports increased by 9.1 per cent year-on-year, while imports rose by 8.5 per cent.
