All analysis from category Macro comment
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.
Macro comment
PMI in December: no improvement in conditions at the end of the year
Business conditions were below the neutral 50-point threshold marking a decline in business activity for the sixth month in a row in December. High inflation, declining production and falling new orders continue. The seasonally adjusted manufacturing purchasing managers' index rose slightly month-on-month in December from 41.6 points to 42.6 points. This situation is not expected to improve significantly even in the first half of 2023.
Macro comment
Consumer prices in November: Unstoppable inflation
The introduction of the savings tariff slowed but did not stop inflation. Rising energy prices pushed up the consumer price index by 1.2% month-on-month in November. Year-on-year inflation accelerated to 16.2%.
Macro comment
Unemployment in November: job vacancies fall again
The unemployment rate for the 15-64 population stagnated at 3.5% in November. There were 257,000 jobseekers registered at the labour offices, 1,000 more than in October. Seasonally adjusted, we estimate that the unemployment rate was flat at 3.7%.
Macro comment
Trade balance in October: still in deficit
The balance of foreign trade ended in a deficit of CZK 26.8 billion in October, a year-on-year deterioration of CZK 10.0 billion. The twelve-month balance currently stands at CZK -187 billion. For the year as a whole, the trade deficit will be CZK 200 billion. Exports continue to grow rapidly (+17.2% year-on-year), but imports are growing even faster (+19.2%).
