In the fourth quarter, GDP increased a seasonally- and calendar-adjusted 1.3% over the same quarter of the previous year, according to revised data. The reading marked a significant upward revision to the 0.8% increase published in the advance estimate and contrasted the revised 1.0% contraction registered in the third quarter (previously reported: -1.2% year-on-year). Q4's result reflected an improvement in both domestic demand and in the external sector. On the domestic side of the economy, total consumption expanded 0.8% in Q4 (Q3: +0.3% year-on-year) on the back of faster growth in private consumption (Q4: +0.7% yoy; Q3: +0.3% yoy) and healthy growth in public spending (Q4: +2.1% yoy; Q3: +2.6% yoy). Gross fixed investment bounced back from a 4.7% contraction in Q3 to a 2.7% expansion in Q4. Regarding external demand, growth in exports of goods and services accelerated from a 0.4% increase in Q3 to a 3.5% expansion in Q4. Imports expanded 3.2% in the fourth quarter, which was stronger than the 2.8% rise observed in Q3. The external sector's net contribution to overall economic growth improved from a 1.8 percentage-point detraction in Q3 to a 0.6 percentage-point contribution in Q4. On a quarter-on-quarter basis, GDP jumped 1.9% in seasonally-adjusted terms in Q4 (previously reported: +1.6 qoq), which marked the fastest pace of expansion since Q1 2007. The reading came in above the 0.3% increase observed in Q3. The contraction in the Czech economy was less severe than had been estimated previously. In the full year 2013, GDP decreased 0.9% (previously reported: -1.1%), which matched the contraction registered in 2012. The Czech National Bank expects the economy to expand 2.2% in 2014. For 2015, the Bank sees economic growth picking up to 2.8%. FocusEconomics Consensus Forecast panelists expect the economy to expand 1.8% in 2014, which is up 0.1 percentage points over the previous month's projection. For 2015, the panel sees the economy increasing 2.4%.
Czech Republic GDP
Q4 GDP growth revised upward
March 6, 2014
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Czech Republic GDP Chart
Note: Year-on-year changes of seasonally adjusted GDP in %.
Source: Czech Statistical Office (CSO) and FocusEconomics Consensus Forecast.
Czech Republic Economic News
October 24, 2016
The economic sentiment indicator published by the Czech Statistics Office (CSO) rose from September’s 97.1 points to 97.5 points in October, marking a nine-month high.
October 10, 2016
In September, consumer prices fell 0.2% from the previous month, matching August’s reading.
October 7, 2016
Industrial production grew 13.1% year-on-year in August, which sharply contrasted the 14.1% fall registered in July and was the best result since May 2011.
October 3, 2016
The manufacturing Purchasing Managers’ Index (PMI) produced by IHS Markit rose from August’s 50.1 to a four-month high of 52.0 in September.
September 29, 2016
At its meeting on 29 September, the Czech National Bank (CNB) decided to leave the two-week repo rate unchanged at its so-called “technical zero” of 0.05%.