GDP in Czech Republic
Czech Republic - GDP
Economy speeds up in Q1 on stronger exports and private consumption
GDP in the Czech Republic grew 1.3% over the previous quarter in Q1 in seasonally and working-day adjusted terms, according to an advance estimate released by the National Statistics Office (CSO) on 16 May. The result benefited from strong external demand and rising household spending. Moreover, it came in well above the 0.4% growth observed in Q4 2016 and surprised markets on the upside. In annual terms, GDP grew 2.9% in Q1, which represented a significant acceleration compared to the 1.9% rise observed in Q4.
Economic activity was buoyant in the first quarter, with household spending supported by strong labor market conditions, rising wages, low inflation and upbeat consumer sentiment. Moreover, the high PMI readings throughout the quarter showed that the economy had been underpinned by solid external demand, especially from the German market, which has prompted Czech businesses to expand production and hire more workers. In terms of economic sectors, according to the National Statistics Office the expansion was broad-based, covering both the manufacturing and service sectors.
The positive economic panorama is set to continue despite the recent political turmoil, with the economy likely to pick up this year, supported by solid household spending, stronger external demand and a partial recovery of EU investment funds.
More detailed data will be released on 2 June.
The Czech National Bank expects the economy to expand 2.9% in 2017 and 2.8% in 2018. FocusEconomics Consensus Forecast panelists expect the economy to expand 2.6% in 2017, which is unchanged from the previous month’s projection. For 2018, the panel sees GDP increasing 2.6%.
Czech Republic - GDP Data
|Economic Growth (GDP, annual variation in %)||2.0||-0.7||-0.5||2.7||4.6|
5 years of economic forecasts for more than 30 economic indicators.
Czech Republic GDP Chart
Source: Czech Statistical Office and FocusEconomics calculations.
Czech Republic Facts
|Bond Yield||0.85||0.0 %||May 24|
|Exchange Rate||23.64||0.11 %||May 24|
|Stock Market||1,011||0.28 %||May 24|
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May 24, 2017
The economic sentiment indicator published by the Czech Statistics Office (CSO) remained largely unchanged in May.
May 18, 2017
GDP in the Czech Republic grew 1.3% over the previous quarter in Q1 in seasonally and working-day adjusted terms, according to an advance estimate released by the National Statistics Office (CSO) on 16 May.
May 10, 2017
In April, consumer prices in the Czech Republic remained unchanged from the previous month for the third consecutive month.
May 10, 2017
Industrial production in the Czech Republic expanded 10.9% year-on-year in March, which followed the weaker 2.7% expansion registered in February.
Czech Republic: Government backtracks on resignation after political dispute, healthy economic performance set to continue
May 8, 2017
After announcing that he and his entire cabinet would be resigning as a means to oust his deputy and finance minister Andrej Babis, Prime Minister Bohuslav Sobotka of the centre-left Social Democratic Party swiftly backtracked on the decision on 5 May.