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Czech Republic GDP Q1 2024

Czech Republic: Economy accelerates in Q1 2024

The economy expanded 0.5% in seasonally adjusted quarter-on-quarter terms in Q1 2024, accelerating from Q4 2023’s 0.4% increase. Meanwhile, output increased 0.4% on a seasonally adjusted year-on-year basis in Q1, following the 0.2% expansion recorded in Q4.

According to a press release, domestic demand and especially household spending supported quarter-on-quarter growth, while external trade was a drag on growth. Meanwhile, employment increased by 0.2% quarter on quarter.

Commenting on the outlook, EIU analysts stated:

“Slowing inflation and rising real wages will help to lift household consumption in the short term, while improving conditions in Europe (including declining interest rates) will bolster external demand in the second half of 2024. This will set the stage for stronger growth from 2025 onwards.”

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