All analysis from category Macro comment
Macro comment
Retail sales October: last year-on-year decline this year?
Retail sales fell by 1.4% year on year in October, adjusted for the effect of working days. They rose by 0.6% month-on-month. The year-on-year decline was driven by a 2.7% fall in food sales. Non-food sales fell by 1.0%, while fuel sales rose by 0.8%.
Macro comment
Wages in Q3: Tax for high inflation
For two years now, the real value of wages has been falling. And it shows in the state of the economy. Inflation has taken a very heavy toll. In Q3, average wages rose by 7.1 per cent year-on-year, but after accounting for inflation, they fell by 0.8 per cent in real terms.
Macro comment
November budget: monthly deficit of CZK 58 billion
In January-November, the central government ran a deficit of CZK 269 billion. In November alone, the budget was in deficit by CZK 58 billion. The twelve-month balance fell to CZK -292 billion.
Macro comment
PMI in November: easing of the manufacturing slump
For the eighteenth month in a row, business conditions in November were below the neutral value of 50 points indicating a decline in business activity.
Macro comment
Consumer prices in October: Technical re-inflation
Although nothing extraordinary happened, year-on-year inflation rose again. This is because last year's electricity price savings tariff comes into play. The consumer price index rose 0.1 per cent month-on-month in October, with year-on-year inflation rising from 6.9 per cent to 8.5 per cent.
