All analysis from category Macro comment
Macro comment
Retail in July: Households are forced to continue saving
Due to the energy crisis, households have to continue to reduce consumption, which is being reflected in retail figures. Declines have been seen in most industries and with high inflation, a change in behaviour cannot be expected in the near term.
Macro comment
Trade balance in July: still in deficit
In July, the balance of foreign trade exhibited a deficit of CZK 22.8 billion, a year-on-year deterioration of CZK 12.4 billion. The cumulative deficit for the first 7 months already exceeds CZK 100 billion. Exports were relatively buoyant with growth of 10.2% y-o-y, but imports grew by 13.8%.
Macro comment
Industry in July: Continued stagnation despite improvement in the automotive sector
Industrial production continues to stagnate thanks to the automotive sector, which is showing strong growth. However, this is due to a low comparative base. Most other industries have shown a year-on-year decline and this will continue due to the drop in demand related to the energy crisis.
Macro comment
Wages in Q2 2022: Unprecedented real decline
Tough times are coming. Inflation is starting to significantly reduce the living standards of most households. Wages are rising, but at a much slower pace than prices. Average gross wages rose by 4.4 per cent year-on-year to CZK 40,086 in Q2. However, due to high inflation, average wages fell by 9.8 per cent in real terms. This is the largest fall in the existing time series.
Macro comment
Státní rozpočet za srpen: náročný podzim a náročný příští rok před námi
Za leden až srpen hospodařila centrální vláda s deficitem 231,1 mld. Kč, v samotném srpnu pak deficit činil 38 mld. Kč. Dvanáctiměsíční saldo aktuálně činní 353 mld. Kč.
