Quarterly Sector Accounts - 2. quarter of 2021

According to seasonally adjusted data, the total of monetary and non-monetary income of households compared to the previous quarter increased in real terms by 3.9%. The real consumption per capita increased by 4.8%, quarter-on-quarter (q-o-q). The saving rate decreased by 3.2 percentage point (p. p.).

Non-financial corporations: the profit rate decreased, q-o-q; the investment rate increased

The profit rate in the Q2 2021 was 46.4%, which is by 0.6 percentage point (p. p.) less, quarter-on-quarter; however, it is by 3.0 p. p.¹ more, year-on-year. The total labour costs of non-financial corporations increased by 9.7%¹, y-o-y. Year-on-year indices are, to a considerable extent, influenced by a low comparison basis (the second quarter of 2020).

The investment rate slightly increased by 0.1 p. p., q-o-q, and reached 26.6%. It decreased by 3.3 p. p.¹, year-on-year.

Households: both income and consumption significantly increased

The total of real monetary and non-monetary income of households per capita increased in the Q2 2021 by 3.9%, q-o-q, and by 6.4%¹ in the year-on-year comparison. Household real consumption per capita increased by 4.8%, q-o-q. It increased by 8.6%¹ in the year-on-year comparison.

The average monthly income from employment reached CZK 38 890¹ in the Q2 2021 and it increased in real terms by 3.9%, q-o-q; in the y-o-y comparison, it increased by 10.1%¹. The considerable year-on-year increase of income from employment also reflected a decrease of money paid to employees within the “Antivirus” programme that is not wages² according to the ESA 2010 methodology, therefore this decrease contributed to the y-o-y increase of wages.

The saving rate reached 21.3%. In the quarter-on-quarter comparison, the household saving rate was thus by 3.2 p. p. lower; in the y-o-y comparison, it decreased by 2.1 p. p.¹. The investment rate in the household sector increased by 0.2 p. p., quarter-on-quarter, and reached 9.5%.

GDP estimate refinement

Concurrently, the gross domestic product (GDP) estimate has been refined. The GDP increased by 1.0% in the q-o-q comparison and by 8.1%, y-o-y, in the Q2 2021. For the time series of GDP resources and uses see: https://www.czso.cz/csu/czso/hdp_ts.

¹ seasonally non-adjusted piece of data
²They are captured as employers’ imputed social contributions (D.122). This item is a part of the total cost of wages, for which employers received operating subsidies.

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: 23 September 2021
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: 7 January 2022 (Quarterly Sector Accounts for the third quarter of 2021)

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 first quarter of 2021 is available at:
https://ec.europa.eu/eurostat/web/products-euro-indicators/-/2-28072021-AP ,
https://ec.europa.eu/eurostat/web/products-euro-indicators/-/2-05072021-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

⇩ acsu093021.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