Charts of the Week


Charts of the Week

Charts of the week from 6 to 10 January: unemployment, value of fiscally verified invoices, exports and imports of goods and production volume in manufacturing

The number of unemployed fell slightly in December 2024 (seasonally adjusted) and was down by 2.7% year-on-year. In 2024, 45,982 persons were registered as unemployed on average, representing a 5.6% decline compared to the previous year. In December, the nominal value of fiscally verified invoices increased by 2% year-on-year for the third month in a row: growth in trade was modest and similar to November (1%). Growth in tourism-related services was slightly higher and also similar to November (6%). Real exports and imports of goods remained unchanged month-on-month in November, while manufacturing production declined slightly (seasonally adjusted). In the first eleven months of 2024, both imports and exports of goods increased by 3.5% in real terms and manufacturing production by 1.2%.
 

In December 2024, the number of unemployed persons (seasonally adjusted) fell slightly. According to original data, 47,038 people were unemployed at the end of December, 2.9% more than at the end of November. This largely reflects seasonal trends related to a higher inflow into unemployment due to expiry of fixed-term employment contracts. Year-on-year, the number of unemployed was 2.7% lower in December, marking a smaller decrease compared to previous months. This is mainly due to a year-on-year increase in the inflow of unemployed persons attributed to redundancies and bankruptcies. Amid ongoing labour shortages and the retirement of older unemployed, the numbers of long-term unemployed (those unemployed for more than one year) and of unemployed over 55 fell year-on-year at the end of December, by 12.5% and 10.3% respectively. However, the number of unemployed young people (aged 15–29) was slightly higher year-on-year for the third month in a row. In 2024, on average 45,982 persons were registered as unemployed, 5.6% fewer than a year earlier.

 

In December, the nominal value of fiscally verified invoices increased by 2% year-on-year for the third month in a row. In the fourth quarter of last year, the nominal growth halved compared to the third quarter. Total growth in trade in December was similar to November, when it had halved (1%). In retail trade, which accounted for half of the total value of fiscally verified invoices, the value in December 2024 was similar to December 2023, after having increased year-on-year in the previous two months. Slightly higher year-on-year growth compared to November was recorded in the sales of motor vehicles (4%). In wholesale trade, the nominal value was similar to December 2023, following a year-on-year decline from May to November. In tourism-related services, growth in the nominal value of fiscally verified invoices, which had doubled in November, remained high (6%).

 

In November 2024, exports and imports of goods were lower month-on-month compared to the average for the third quarter (seasonally adjusted); both exports and imports were higher in the first eleven months of 2024 than during the same period in 2023. After a significant decline in September, real exports of goods remained largely unchanged in October and November, but was below the third quarter average. The strongest month-on-month increase in exports in November was recorded in vehicles and equipment, which usually exhibit significant fluctuations. Exports of chemical products, including pharmaceuticals, also increased, while exports of metals and metal products, and machinery and equipment declined. Real imports of goods remained unchanged month-on-month in November, while imports of intermediate goods further declined and imports of consumer goods increased (seasonally adjusted). 
In the first eleven months of 2024, both exports and imports of goods increased by 3.5% year-on-year. In a year-on-year comparison, growth in imports and exports was also primarily driven by trade in vehicles, pharmaceuticals, and certain chemical products. Sentiment in export-oriented activities slightly deteriorated in December and despite a modest improvement, export orders remained at a very low level.

 

After two months of growth, production volume in manufacturing fell in November 2024 (seasonally adjusted), it was higher year-on-year in the first eleven months. Since mid-2024, production in low and medium-high technology industries has remained largely unchanged, while it has predominantly increased in the high and medium-low technology industries during this period (seasonally adjusted). In the first eleven months of 2024, manufacturing production was up year-on-year (by 1.2%, working-day adjusted). Production in most energy-intensive industries (with the exception of manufacture of non-metallic mineral products) and activity in the manufacture of electrical equipment were significantly higher than a year earlier, driven by a low base effect. In other medium-high technology industries, production declined year-on-year – the manufacture of machinery and equipment n.e.c. saw a decrease following growth in previous years, while from mid-2024, production in the manufacture of motor vehicles and other transport equipment, which had largely been contracting over the last five years, also began to decline. Production in most low-technology industries was also down year-on-year.