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Czechia in Data: Czech airports analysis

International Flights: As the Number of People at Prague Airport Grows, Other Airports Face an Outflow of Passengers

In 2016, a total of 13.75 million people passed through local airports, up by 7% compared to the year before. It was the first time the number of confirmed passengers had exceeded 13 million since late 2008 and early 2009 when the first signs of the economic crisis appeared. Along with the return of foreign tourists from countries recovering from the crisis, 2016 saw the numbers of arrivals and departures even out. These were virtually identical, while between 2012 and 2015 the number of people departing from the Czech Republic steadily prevailed.

 

The largest Czech airport – located in Prague’s Ruzyně and named after Václav Havel – checked in 13,074,517 passengers last year, which is an almost 9% increase on the year before. Traditionally, the greatest number of people fly to and from the Czech Republic during the summer months, which is also evident from the Prague airport’s figures. During what was the busiest month – July 2016 – a total of 1.45 million people travelled from the airport, while in one record-breaking day (17 July), a total of 52,616 passengers passed through the gates of the airport. The daily average throughout the year is a mere 35,000 people. Read more at www.ceskovdatech.cz.

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Deloitte Real Index

Deloitte Real Index: How do real prices of flats in the Czech Republic develop?

In the second quarter of 2017 the average selling prices of apartments in the Czech Republic grew by 2.7% to 49,800 CZK/m2. The prices grew in all regions except for the Ústí nad Labem region, which recorded a minor decrease of 1% to 11,800 CZK/m2. The biggest growth was in the Olomouc region (of 6.4%). Check out the study and find out more.

David Marek’s Economic Outlook

How to analyse unemployment?

How to analyse unemployment?

David Marek, Chief Economits, Deloitte

 

Sometimes it may be difficult to orient yourself in the terms and statistics that economists “churn out” regarding the unemployment rate. Let us have a closer look at it.

 

What can be confusing is the existence of two similar indicators. The unemployment rate is published by the Czech Statistical Office based on the results of the Selective Survey of Labour Force, while the percentage of unemployed people in the population is published by the Ministry of Labour and Social Affairs and the source is information provided by labour offices. Both indicators are based on different data sources and different  methodologies, and as such they are different and may sometimes diverge in time.

 

Before assessing the situation on the labour market it is suitable to cleanse the data from seasonality. There are a wide range of statistical methods used for this purpose (Tramo/Seats, X-12 Arima). For example, the unemployment rate in the second quarter of this year amounted to 3.0 percent with the seasonal component amounting to (0.1) percent, the seasonally cleansed unemployment rate was therefore 3.1 percent.

 

Another analysis method is the breakdown into the cyclical and structural components. For this purpose, it is necessary to model the cyclical component depending on the output gap. At present, the cyclical component of the unemployment rate is negative and amounts to (0.5) percent. The structural unemployment rate should therefore amount to 3.6 percent. Part of it is the so-called frictional unemployment. This includes people who are temporarily unemployed as they transfer from one company to another. It is a short-term form of structural unemployment which generally amounts to a few tenths of a percent. The end of the breakdown represents long-term structural unemployment, which reflects the real situation on the labour market and government policy should react to it.

 

Unemployment is currently not a problem in the Czech economy, as follows from the above breakdown and specific numbers. Structural unemployment amounts approximately to 190,000 people, in absolute terms. There are almost 200,000 available job positions. There is enough work, but a lack of people.

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