According to the preliminary estimate, the CZSO expects annual consumer price growth of 2.8 % in January. Construction output rose by 9.7 %

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According to the preliminary estimate, consumer prices rose by 1.3 % month-on-month and 2.8 % year-on-year in January 2025. The final data will be published by the Czech Statistical Office on 12 February. Preliminary data show that in December balance of foreign trade with goods at current prices with a surplus of CZK 6.8 billion, which was CZK 2.2 billion higher year-on-year. Industrial production fell by 3.0 % yoy in real terms in December. It was 1.6 % higher month-on-month. The value of new orders was at the same level as in December 2023. Construction production in December increased by 9.7 % year-on-year and was higher by 4.5 % month-on-month. The indicative value of building permits issued fell by 6.6 %. Year-on-year, 5.7 % fewer dwellings were started and 60.1 1 % fewer dwellings were completed.

Preliminary estimate of CPI growth (%):

Surplus trade balance for 2024 increased year-on-year

"For 2024 the trade balance showed a surplus of CZK 223.2 billion, which was CZK 100.7 billion higher year-on-year. Since the beginning of 2024, exports grew by 4.9 % yoy and imports by 2.7 %," says Miluše Kavěnová, Director of the Foreign Trade Statistics Department of the CZSO.

Total balance of foreign trade in goods in December positively influenced in particular, a year-on-year lower deficit on trade in oil and natural gas by CZK 4.3 billion. The balance surplus in machinery and equipment increased by CZK 4.0 billion and in electricity by CZK 3.0 billion.

Adverse effect the overall balance in December was mainly affected by trade in fabricated metal products, which deteriorated by CZK 7.9 billion year-on-year by shifting from an asset to a liability. The deficit in trade in computers, electronic and optical equipment widened by CZK 2.4 billion and in basic metals by CZK 1.4 billion.

External trade surplus with EU countries in December decreased year-on-year by CZK 4.0 billion. Trade deficit with the States outside the EU decreased by CZK 6.1 billion.

Year-on-year increased export by 9.1 % to CZK 339.7 billion and Retrieved from by 8.5 % to CZK 332.9 billion. December 2024 had the same number of working days as December 2023.

"In December, exports of goods increased by CZK 28.3 billion year-on-year. The largest share of this result was accounted for by exports of computers and electronic and optical equipment, which increased by CZK 7.4 billion year-on-year. The same group of products had the biggest impact on the year-on-year increase in imports," Says Jana Mazánková, Head of the Balance of Trade Department of the CZSO.

Interim after seasonal cleaning export i Retrieved from increased identically by 3.3 %.

Industrial production in December 2024 was 1.6 % higher in real terms month-on-month. Year-on-year, it fell by 3.0 %. "December's year-on-year decline in industrial production was mostly influenced by the production of motor vehicles. This was mainly due to the high comparison base from the previous year. The production of electrical equipment, especially automotive components, also fell," Says Radek Matějka, Director of the Department of Statistics of Agriculture and Forestry, Industry, Construction and Energy of the CZSO. The decline in the production of machinery and equipment continued. The food and beverages industry maintained its moderate growth at the end of the year. In the sectors that recorded higher annual growth, the result was partly influenced by fluctuations in production and exceptional invoicing at the end of the year, such as repair and installation of machinery and equipment or manufacture of other non-metallic mineral products.

Value new orders in current prices in December 2024 in the sectors under review was at the same level as in December 2023. New orders from abroad increased by 0.5 % yoy, while domestic new orders decreased by 1.0 %. Month-on-month, the value of new orders was 0.2 % lower. "The year-on-year decline in the value of new orders was mostly influenced by the production of motor vehicles and the production of electrical equipment, similarly to the production of the sector. The value of new orders increased year-on-year, especially in the manufacture of computers, electronic and optical equipment," Adds Veronika Doležalová, Head of the Industrial Statistics Department of the Czech Statistical Office. Partial long-term contracts were concluded in the production of machinery and equipment.

The average number of registered employees in the industry decreased by 2.0 % year-on-year in December 2024.

According to data published by Eurostat, industrial production in the EU27 fell by 1.7 % year-on-year in November 2024. The largest year-on-year declines were recorded in Croatia (by 6.6 %) and Ireland (by 5.6 %). German industry fell by 3.3 %, while Czech industrial output fell by 2.7 %. In terms of EU27 industries, the production of leather and related products fell the most (by 12.9 %) and the highest growth was recorded in other manufacturing (by 7.8 %). Eurostat will publish the December data on a preliminary schedule on 13 February 2025.

"The construction sector was buoyant in December, with output up year-on-year and month-on-month, and both civil and structural engineering in growth," Says Radek Matějka, Director of the Department of Statistics of Agriculture and Forestry, Industry, Construction and Energy of the CZSO. Construction production was 4.5 % higher month-on-month in December. Year-on-year, it rose by 9.7 %. Output in civil engineering increased by 7.8 % and civil engineering increased by 13.3 % yoy.

The indicative value of buildings for which building permits were issued in December reached CZK 78.7 billion, down by 6.6 % year-on-year.

In December, the construction of 2,990 flats started and this number decreased by 5.7 % year-on-year. 1,934 dwellings were completed, a year-on-year decrease of 60.1 %. "A significant decline in the number of completed dwellings in December was recorded in both detached and semi-detached dwellings and, in addition to the low number of dwellings, was also due to a high comparative base," Says Petra Cuřínová, Head of the Construction and Housing Statistics Department of the Czech Statistical Office.

According to Eurostat data, construction output in the EU27 grew by 0.9 % yoy in November 2024. Eurostat will publish the data for December 2024 on 20 February 2025 according to the preliminary schedule.

CSO/ gnews - RoZ

ILLUSTRATIVE PHOTO - pixabay