All analysis from category Macro comment
Macro comment
Consumer prices in December: Respite time
Inflation took a breather at the end of the year. On a month-on-month basis, the price level was unchanged in December. Year-on-year inflation slowed slightly to 15.8 per cent. However, the key will be the start of this year, when there is a revaluation of a number of services and goods where price lists do not change every month. This is where the strength of current inflation will actually become apparent.
Macro comment
Unemployment in December: slight seasonal increase
The share of unemployed persons in the 15-64 population rose by 0.2 percentage point to 3.7% in December. 272 000 jobseekers were registered at the labour offices, 15 000 more than in November. Traditionally, the number of unemployed persons rises in December for seasonal reasons. However, after seasonal adjustment, we estimate that the unemployment rate fell slightly to 3.6%. For all of 2022, the jobless rate was 3.4% - a decline of 0.4 percentage points.
Macro comment
Trade balance in November: deficit widens
The balance of foreign trade ended in a deficit of CZK 25.5 billion in November, a year-on-year deterioration of CZK 29.4 billion. The twelve-month balance in November was CZK -214.3 billion, a deterioration by almost CZK 30 billion compared to October. Exports performed well, growing by 10.8% year-on-year, but imports grew even faster, by 18.7%.
Macro comment
Industry in November: stagnation at the end of the year
Industrial data from November show stagnation. The decline in production in many sectors is offset by growth in the automotive industry, but even there there is a gradual slowdown. There are not many positive prospects for the future in the current situation.
Macro comment
State budget in 2022: the second worst budget in history, along with the 2020 budget
Last year, the central government ran a deficit of CZK 360.4 billion, while in December alone the deficit was CZK 23.3 billion.
