Czech Republic GDP

Czech Republic

Economic activity contracts for the first time in two years

In the first quarter, GDP contracted 0.7% over the same quarter last year in seasonally and calendar adjusted terms, according to revised data released by the statistical institute on 8 June. The quarterly drop was slightly up from the 1.0% decline previously reported in the 15 May estimate and represents the first fall in economic activity since March 2010, when the economy came out of recession. The quarterly drop mainly reflected a further deterioration in domestic demand, although the external sector also weakened somewhat. Total consumption deteriorated over the previous quarter, with private consumption contracting 2.9% annually in the first quarter (Q4 2011: -0.7% year-on-year) and government spending declining 0.2% (Q4 2011: -2.1% yoy). On the other hand, gross fixed investment expanded 1.0% in the first quarter, which contrasted the 0.6% declined tallied in the fourth. Meanwhile, exports of goods and services accelerated from a 5.2% increase in the fourth quarter to a 6.5% expansion in the first quarter. Imports grew 3.9% in Q1, faster than the 1.5% growth rate observed in the final quarter of 2011. Accordingly, the external sector

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