“Even today’s numbers do not change the fact that the Czech economy is lagging behind in catching up with the pre-pandemic economic level. The United States and the eurozone as a whole are already above pre-pandemic levels, and we are lagging behind in the region. The explanation is primarily due to the industrial nature of our economy, ”said Komerční banka’s chief economist Jan Vejmělek.
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Statisticians also informed that the sum of monetary and non-monetary income of households in the third quarter last year fell by 0.2 percent in real terms compared to the previous quarter, but rose by 2.5 percent year on year. Real household consumption per capita increased by 3.4 percent quarter on quarter and by 5.4 percent year on year.
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“Household consumption per capita has been growing for the third consecutive quarter,” said Vladimír Kermiet, director of the CZSO’s national accounts department. The household savings rate reached 15.9 percent, falling by 5.2 percentage points quarter-on-quarter and by 2.8 percentage points year-on-year. According to Kermiet, the rate of household savings continued to fall to pre-crisis levels.
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According to the CZSO, the investment rate of households increased by 0.3 percentage point to 9.8 percent compared to the previous quarter. Compared to the previous quarter, the average monthly income from employment in the third quarter increased by 0.7 percent in real terms and by 1.8 percent year-on-year to CZK 38,637.
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In the case of non-financial corporations, the profit rate fell by one percentage point quarter on quarter to 45.1 percent. In year-on-year comparison, it is 1.2 percentage points less. Total labor costs of non-financial corporations increased by 10.1 percent year on year. The investment rate fell by 0.7 percentage point to 25.7 percent from the previous quarter. This was a year-on-year decrease of two percentage points.
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