Thursday, July 10, 2008

Industrial Output Falls Back In May 2008

Czech seasonally adjusted industrial output was down by 0.7% in May over April 2008. Industrial production was up 3.4%, year-on-year. The value of industrial new orders was down 1.9%, year-on-year.

Industrial employment increased in May by 22.5 thousand persons over May 2007(i.e. it was up 1.9%). The largest increases were registered in the manufacture of electrical and optical equipment (+6.7%), the manufacture of rubber and plastic products (+5.5%) and in the manufacture of transport equipment (+4.4%). Employment dropped the most in the manufacture of coke and refined petroleum products (-7.0%), the manufacture of textiles and textile products (-5.0%) and in the manufacture of leather and leather products (-4.7%).

The average monthly nominal wage was CZK 23,256 in May (up by 7.1%, y-o-y). The average hourly wage increased by 13.3% (CZK 164.7). Industrial labour productivity increased by 1.2% year on year. while hourly labour productivity was up by 7.4%.

In a separate report the statistics office said that seasonally adjusted total construction output at constant prices increased in May by 0.2%, compared with April. When compared with May 2007, output at constant prices fell by 2.9%. The planning and building control authorities granted 11 379 building permits, i.e. 11.5% up year-on-year. The approximate value of authorised constructions was up by 35.9% year-on-year and reached CZK 34.8 billion. Looking at the chart below the Czech Republic certainly hasn't been passing through a construction boom.

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