All analysis from category Macro comment
Macro comment
State budget in 2023: deficit CZK 288.5 billion
In 2023, the central government ran a deficit of CZK 288.5 billion. However, the finance ministry was helped by EU revenues, without which the budget deficit would have reached CZK 299.4 billion. This is the 4th worst result in the history of the independent Czech Republic, so there is no reason to celebrate.
Macro comment
PMI in December: end of the year with negative sentiment
For the nineteenth month in a row, business conditions in December were below the neutral value of 50 points indicating a decline in business activity.
Macro comment
CNB: The era of stable rates is coming to an end
The CNB Bank Board has decided to cut interest rates by 25 basis points. The main two-week repo rate will fall to 6.75 per cent.
Macro comment
Inflation in November: inflation on a downward trajectory
Consumer prices rose by 0.1% m/m in November. Year-on-year consumer price growth slowed to 7.3% from 8.5% in October. However, had it not been for the austerity tariff, which reduced the price level on a one-off basis last year and thus lowered the comparative base for this year, annual growth would have been 4.7% in November.
Macro comment
Unemployment in November: slight drop in vacancies again
The share of unemployed in the 15-64 population stagnated at 3.5% in November, the same level as in November 2022. 263 000 jobseekers were registered at the labour offices, 3 000 more than in October. Seasonally adjusted, we estimate that the jobless rate was flat at 3.7%.
