Quarterly Sector Accounts - 1. quarter of 2022

According to seasonally adjusted data, the total of monetary and non-monetary income of households decreased in real terms by 5.6% compared to the previous quarter. The real consumption per capita decreased by 0.4%, quarter-on-quarter (q-o-q). The saving rate decreased by 4.0 percentage point (p. p.). The investment rate of non-financial corporations increased by 1.4 p. p. compared to the previous quarter.

Non-financial corporations: both profit rate and investment rate increased

The profit rate in the Q1 2022 was 44.8%, which is by 0.4 percentage point (p. p.) more, quarter-on-quarter; however, it is by 4.1 p. p.¹ less, year-on-year. The total labour costs of non-financial corporations increased by 12.0%¹, y-o-y. The investment rate increased by 1.4 p. p., q-o-q, and reached 29.4%. It increased by 1.7 p. p.¹, year-on-year.

Households: the saving rate decreased in real terms

“The total of real monetary and non-monetary income of households per capita decreased in the Q1 2022 by 5.6%, q-o-q, and by 4.4%¹ in the year-on-year comparison, mainly due to the high price growth,” noted Vladimír Kermiet, the director of the National Accounts Department.

Household real consumption per capita decreased by 0.4%, q-o-q. It increased by 3.0%¹ in the year-on-year comparison.

The average monthly income from employment reached CZK 38 610¹ in the Q1 2022. It decreased in real terms by 8.3%, q-o-q; in the y-o-y comparison, it decreased by 4.4%¹.

Resulting from a higher quarter-on-quarter decrease of the total income of households compared to their expenditure was a lower saving rate, namely 16.1%. In the q-o-q comparison, the household saving rate was by 4.0 p. p. lower; in the y-o-y comparison, it decreased by 8.0 p. p.¹.

The investment rate in the household sector increased by 0.5 p. p., q-o-q, and reached 10.0%. In the year-on-year comparison, the investment rate of households increased by 1.4 p. p.¹

GDP estimate refinement

Concurrently, the gross domestic product (GDP) estimate has been refined. The GDP increased by 0.9% in the q-o-q comparison and by 4.9%, y-o-y, in the Q1 2022. 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 for the years 2018 to 2021 have been refined. For more information see: http://apl.czso.cz/pll/rocenka/rocenka.indexnu?mylang=EN. Related to that, relevant quarterly outputs also have been 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 2022
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: 30 September 2022 (Quarterly Sector Accounts for the second quarter of 2022)

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 2021 is available at:
https://ec.europa.eu/eurostat/web/products-euro-indicators/-/2-28042022-AP,
https://ec.europa.eu/eurostat/web/products-euro-indicators/-/2-05042022-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

⇩ acsu063022.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