Dlook
Deloitte
DLook

All analysis from category Macro comment

Macro comment

Industry in July: declining production and new orders

Industrial production started to decline again in July after two months, and this decline was evident in most sectors. The outlook is not positive for the following months either.

Macro comment

Wages in Q2: Real wage decline continues

At the end of 2021, prices began to rise faster than wages, and this adverse trend continues today. In Q2, average wages increased by 7.7 per cent year-on-year, but after accounting for inflation, average wages fell by 3.1 per cent in real terms.

Macro comment

PMI in August: falling demand continues

Business conditions were below the neutral value of 50 points in August for the fifteenth month in a row, indicating a decline in business activity.

Macro comment

Consumer prices in July: Inflation falling but target still far away

Unsurprisingly, inflation continues to fall. In July, the consumer price index rose 0.5 percent month-on-month, yet year-on-year inflation slowed to 8.8 percent. Compared to the start of the year, inflation is now roughly half of what it was at the beginning of the year. However, its decline will be much slower in the coming months.

Macro comment

Unemployment in July: slight seasonal increase

The share of unemployed in the 15-64 population rose by 0.1 percentage point to 3.5% in July. It is 0.3 percentage points higher year-on-year. 259 thousand jobseekers were registered at the labour offices, 9 thousand more than in June. After seasonal adjustment, we estimate that the jobless rate stagnated at 3.6%, or the decline in unemployment is purely due to seasonal factors. Every year in July, graduates enter the labour market and some of them do not find employment and register with the labour offices. In the current labour market situation, however, they find employment very quickly.