Czech Republic: GDP growth moderates in Q2
GDP growth moderated to 3.7% year on year in the second quarter, down from 4.6% in the first quarter, but above the preliminary estimate of a 3.6% increase.
Household spending increased 0.2% in the second quarter, which was below the first quarter’s 8.2% expansion. Public spending growth moderated to 1.8% in Q2 (Q1: +2.2% yoy). Meanwhile, fixed investment growth slowed to 6.2% in Q2, from 6.9% in the previous quarter.
On the external front, exports of goods and services increased 1.8% in the second quarter, which was above the first quarter’s 0.4% expansion. Conversely, imports of goods and services growth fell to 2.7% in Q2 (Q1: +5.1% yoy), marking the worst reading since Q4 2020.
On a seasonally-adjusted quarter-on-quarter basis, economic growth edged down 0.5% in Q2, lower than the previous quarter’s 0.6% growth but above the preliminary release of 0.2%.