Czech Republic GDP

Czech Republic

Czech Republic: Economic growth decelerates slightly in Q3

November 14, 2014

In the third quarter, GDP increased a seasonally- and calendar-adjusted 2.3% over the same quarter last year, according to a preliminary estimate released by the Czech Statistics Office (CZO) on 14 November. The reading marked a deceleration compared to the 2.5% expansion registered in the second quarter and was the slowest pace that has been recorded since Q4 2013. In addition, the print fell short of the 2.5% increase the markets had expected. More complete and detailed data will be released on 28 November.

According to the CZO, the expansion in GDP was driven by an improvement manufacturing, in particular in the manufacturing of transport equipment, chemicals and chemical products. CZO added that, “the gross value added continued to decrease in financial service activities.”

Sequential data show that GDP grew 0.3% in the third quarter, which was just below the 0.4% expansion observed in the previous quarter.

The Czech National Bank expects the economy to expand 2.9% in 2014. For 2015, the Bank sees economic growth picking up to 3.0%. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.4% in 2014, which is down 0.1 percentage points over the previous month’s projection. For 2015, the panel sees GDP increasing 2.5%, which is also down 0.1 percentage points from last month’s Consensus.

Author:, Senior Economist

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Czech Republic GDP Chart

Czech Republic GDP Q3 2014 0

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

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