Czech Republic GDP Q1 2018

Czech Republic

Czech Republic: Economic activity slows in Q1 but remains robust

May 15, 2018

Annual GDP growth slowed from 5.5% in Q4 to 4.5% in Q1 in seasonally- and price-adjusted terms, according to preliminary data released by the Czech Statistical Office (CSO) on 15 May. Despite the moderation, the first-quarter expansion remained robust. The main contributors to the Q1 figure were capital spending and household consumption growth, which was likely underpinned by solid gains in employment and wages. On a quarter-on-quarter basis, GDP growth also slowed from 0.8% in Q4 to 0.5% in Q1.

Despite slightly weaker growth figures in Q1, the outlook remains positive. A tight labor market and robust external demand should underpin growth going forward. More detailed data will be released on 1 June.

The Czech Central Bank expects the economy to expand 3.9% in 2018 and 3.4% in 2019. FocusEconomics Consensus Forecast panelists expect the economy to expand 3.5% in 2018, which is up 0.1 percentage points from the previous month’s projection. For 2019, the panel sees GDP increasing 3.0%.

Author:, Economist

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Czech Republic GDP Chart

CzechRepublic GDP Q1  2018 0

Note: Year-on-year changes of seasonally-adjusted GDP in %.
Source: Czech Statistical Office (CSO) and FocusEconomics Consensus Forecast.

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