In the first quarter, GDP expanded 2.8% over the same period the year before, according to revised estimates published on 9 June. The revised figure was above the 2.5% expansion initially reported in the 13 May estimate, and was slightly faster than the 2.7% expansion observed in the fourth quarter of 2010. The first quarter improvement mainly reflected an increase in fixed investment and a strong showing by the external sector. Fixed investment bounced back from a 0.1% year-on-year contraction in the fourth quarter to a 3.8% expansion in the first. On the other hand, private consumption contracted 0.5% in the first quarter, contrasting a 0.4% increase in the fourth quarter. Government consumption continued falling (Q1: -1.3% yoy) and marked the third consecutive quarter of contraction, as a result of austerity measures adopted by the government. Meanwhile, both exports and imports continued to grow, albeit at a slower pace. Exports of goods and services grew 15.6% in the first quarter, slower than the 16.8% increase tallied in the fourth quarter, while imports expanded 13.2% in Q1, which marked a sharp deceleration compared to the 17.4% expansion observed in the final quarter of 2010. As a result, the net contribution from the external sector to overall economic growth improved from a 0.1 percentage-point contribution in the fourth quarter to a 2.9 percentage-point contribution in the first. At the sector level, the first quarter reading reflected positive developments in the manufacturing and services sector, in particular in wholesale and retail trade, as well as in financial intermediation. In contrast, agriculture contracted, albeit at a slower pace. A quarter-on-quarter comparison confirms the improvement suggested by annual figures, as GDP grew a seasonally and working day adjusted 0.9% in the first quarter, up from the previous quarter's 0.5% increase. Owing to austerity measures adopted by the government, the Central Bank sees the economy growing a moderate 1.5% this year. For 2012, the Bank expects economic growth to accelerate to 2.8%.
Czech Republic GDP
GDP up on initial estimates
June 9, 2011
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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%.