The Czech economy is lagging behind. It rose by 3.3 percent

“Even today’s numbers do not change the fact that the Czech economy is lagging behind in catching up to the pre-pandemic economic level. The US and the eurozone as a whole are already above pre-pandemic levels, and we are lagging behind in the region,” said Kommerny Bank Chief Economist Jan Wijmelik. : “The explanation is primarily due to the industrial nature of our economy.”

Statisticians also reported that the total cash and non-cash income of households in the third quarter of last year decreased by 0.2 percent in real terms compared to the previous quarter, but increased by 2.5 percent year on year. Per capita real household consumption rose 3.4 percent q-o-q and 5.4 percent y-o-y.

“Per capita household consumption is growing for the third consecutive quarter,” said Vladimir Kermit, director of the Department of National Accounts at the Czech Statistical Office. The household saving rate was 15.9%, down 5.2 percentage points year on quarter and 2.8 percentage points year on year. According to Kermit, household savings rates have continued to fall to pre-crisis levels.

According to CZSO, the investment rate for households rose 0.3 percentage point to 9.8 percent from the previous quarter. Compared to the previous quarter, 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.

In the case of non-financial companies, the profit rate fell by one percentage point on a quarterly basis to 45.1%. In comparison, on an annual basis, it is down 1.2 percentage points. Total labor costs for non-financial firms rose 10.1 percent year on year. The investment rate fell 0.7 percentage points to 25.7 percent from the previous quarter. This was a two percentage point year-over-year decrease.