Quarterly Sector Accounts - 1st quarter of 2020

According to seasonally adjusted data, the total of monetary and non-monetary income of households increased in real terms by 2.9%, quarter-on-quarter (q-o-q). The real consumption per capita increased by 2.1%, q-o-q, and the saving rate increased by 0.7 percentage point (p. p.). The investment rate of non-financial corporations decreased by 3.9 p. p. compared to the previous quarter.

Non-financial corporations: investment rate decreased, q-o-q

The profit rate in the Q1 2020 was 44.3%, which is by 0.2 percentage point less, quarter-on quarter, and by 0.3 p. p.¹ less, year-on-year. The total labour costs of non-financial corporations increased by 2.6%¹, y-o-y. The investment rate decreased more markedly by 3.9 p. p., q-o-q, and reached 26.3%. It decreased by 2.3 p. p.¹, year-on-year.

Households: household income increased, q-o-q

The total of real monetary and non-monetary income of households per capita increased in the Q1 2020 by 2.9%, q-o-q, and by 2.9%¹ in the year-on-year comparison, too. The household real consumption per capita grew slower, q-o-q, namely by 2.1%, q-o-q, and by 0.9%¹ in the year-on-year comparison.

The average monthly income from employment reached CZK 35 658¹ in the Q1 and it decreased in real terms by 3.6%, q-o-q; in the y-o-y comparison it was 0.7%¹ up.

Resulting from the faster growth of household income compared to their expenditure was a higher saving rate compared to the previous quarter, i.e. 13.5%. The investment rate in the household sector decreased by 0.3 p. p., quarter-on-quarter, and reached 9.0%.

GDP estimate refinement

Concurrently, the gross domestic product (GDP) estimate has been refined. The GDP decreased by 3.4%, q-o-q, in the Q1 2020 and in the y-o-y comparison it was 2.0% down. For the time series of GDP resources and uses see: https://www.czso.cz/csu/czso/hdp_ts.

In accordance with the revision policy of the CZSO, annual national accounts have been revised for 2017, 2018 and 2019; including benchmark revision. For more information see: http://apl.czso.cz/pll/rocenka/rocenka.indexnu. Related to that, relevant quarterly outputs have been also harmonised.

¹ Seasonally non-adjusted piece of data.

All terms are in terms of national accounts; for explanations of terms written in bold italics see: https://apl.czso.cz/nufile/Definitions.pdf.

Contact person: Vladimír Kermiet, Director of the National Accounts Department, phone number (+420) 274 054 247, e-mail: vladimir.kermiet@czso.cz
Used data sources updated as at: 24 June 2020
Related CZSO website: https://www.czso.cz/csu/czso/quarterly-national-accounts-gdp-resources-and-uses-and-gdp-preliminary-estimate
Next Release will be published on: 2 October 2020 (Quarterly Sector Accounts for the second quarter of 2020)
Data of quarterly sector accounts are seasonally adjusted unless otherwise stated.

The news releases of Eurostat on quarterly sector accounts are published later. The latest published information for the fourth quarter of 2019 is available at:
https://ec.europa.eu/eurostat/web/products-press-releases/-/2-07042020-AP,
https://ec.europa.eu/eurostat/web/products-press-releases/-/2-07042020-BP,
https://ec.europa.eu/eurostat/web/products-press-releases/-/2-29042020-AP.

Quarterly sector accounts data are published on the CZSO website in the tables of Transactions in Products and Distributive Transactions by Sector: http://apl.czso.cz/pll/rocenka/rocenkavyber.kvart_qsa?mylang=EN&oblast=@RU
and Quarterly Non-financial Sector Accounts (Current and Capital Accounts):
http://apl.czso.cz/pll/rocenka/rocenkavyber.kvart_qsa_mat?mylang=EN&oblast=@RU

Attachments

⇩ acsu063020.docx
Annexes:
⇩ Table 1 Selected indicators of Quarterly Sector Accounts - (seasonally non-adjusted data)
⇩ Table 2 Selected indicators of Quarterly Sector Accounts - y-o-y change (seasonally non-adjusted data)
⇩ Table 3 Selected indicators of Quarterly Sector Accounts (seasonally adjusted data)
⇩ Table 4 Selected indicators of Quarterly Sector Accounts - q-o-q change (seasonally adjusted data)
⇩ Chart 1 Average monthly income of households from employment – seasonally adjusted
⇩ Chart 2 Real income and consumption expenditure of households – seasonally adjusted