Quarterly Sector Accounts - 3rd quarter of 2020

According to seasonally adjusted data, the total of monetary and non-monetary income of households increased in real terms by 2.8%, quarter-on-quarter (q-o-q). The real consumption per capita increased by 5.1%, q-o-q, and the saving rate decreased by 2.4 percentage points (p. p.). The investment rate of non-financial corporations decreased by 2.1 p. p. compared to the previous quarter.

Non-financial corporations: profit rate increased, investment rate decreased

Theprofit ratein the Q3 2020 was 45.2%, which is by 1.5 percentage point more, quarter-on quarter, and by 0.5 p. p.¹ more, year-on-year. The profit rate was influenced mainly by social contributions remission of small enterprises and received subsidies. The total labour costs of non-financial corporations decreased by 2.6%¹, y-o-y. Theinvestment ratedecreased by 2.1 p. p., q-o-q, and reached 26.7%. It decreased by 2.7 p. p.¹, year-on-year.

Households: real household income increased

Thetotal of real monetary and non-monetary income of households per capita increased in the Q3 2020 by 2.8%, q-o-q, and by 2.0%¹ in the year-on-year comparison. Thanks to a low comparison basis,household real consumption per capitaincreased by 5.1%, q-o-q, and decreased by 2.7%¹ in the year-on-year comparison.

Theaverage monthly income from employment reached CZK 36 089¹ in the Q3 and it increased in real terms by 9.9%, q-o-q; in the y-o-y comparison it increased by 0.1%¹. The considerable increase of income from employment reflected shutdown of production and closure of some (business) establishments/premises due to coronavirus pandemic in the Q2 2020. Money paid to employees within the 'Antivirus' programme are not wages² according to the ESA 2010 methodology.

Resulting from the faster increase of household expenditure compared to household income, compared to the previous quarter, was lowersaving rate, which was 17.2%. In the y-o-y comparison it increased by 5.1%. The investment rate in the household sector decreased by 0.4 p. p., quarter-on-quarter, and reached 8.4%. In the y-o-y comparison it decreased by 1.1%.

GDP estimate refinement

Pursuant to the revision policy of the CZSO, annual national accounts for 2019 have been newly published, which are now fully in compliance with the notification version of the accounts for the general government sector from October 2020. This refinement had no impact on the total GDP growth rates in the Q3 2020. The GDP increased by 6.9%, q-o-q, in the Q3 2020, and decreased by 5.0%, in the y-o-y comparison.For the time series of GDP resources and uses see:https://www.czso.cz/csu/czso/hdp_ts.

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 second quarter of 2020 is available at:
https://ec.europa.eu/eurostat/web/products-press-releases/-/2-02102020-BP,
https://ec.europa.eu/eurostat/web/products-press-releases/-/2-02102020-CP,
https://ec.europa.eu/eurostat/web/products-press-releases/-/2-29102020-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=@RUand Quarterly Non-financial Sector Accounts (Current and Capital Accounts):
http://apl.czso.cz/pll/rocenka/rocenkavyber.kvart_qsa_mat?mylang=EN&oblast=@RU