All analysis from category Macro comment
Macro comment
Wages in Q3: Improvement after a two-year fast
For the past two years, inflation has significantly outpaced wage growth. This year, employees' living standards have started to rise again. In Q3, average wages increased by 7.0 per cent year-on-year and rose by 4.6 per cent in real terms when inflation is included.
Macro comment
State budget in November 2024: Almost on last year's tracks
With one month left in the year, the state budget appears to be on track with last year. In fact, even the full-year budgeted figures, adjusted for flooding, are pointing to a similar deficit as last year. Revenues increased by 1.1% year-on-year in January-November, while expenditures rose by 0.4%. The state budget deficit at the end of November reached CZK 259 billion, compared to CZK 269 billion last year.
Macro comment
PMI in November: continued weak demand from abroad
Business conditions in November were below the neutral 50-point mark indicating a decline in business activity for the thirtieth month in a row.
Macro comment
Consumer prices in October: Services inflation inertia
The response to the rapid decline in inflation at the end of last year has been a slight acceleration this autumn. However, except for the seasonal rise in clothing prices, nothing dramatic is happening in the consumer basket. The consumer price index rose 0.3 per cent month-on-month in October, while annual inflation accelerated to 2.8 per cent.
Macro comment
Unemployment in October: decline due to seasonal factors
Unemployment tends to fall in October, and this year is no different. The share of unemployed in the 15-64 population fell by 0.1 percentage point month-on-month to 3.8 per cent in October.
