Czech Republic GDP

Czech Republic

Czech Republic: Economic growth picks up notably to almost-seven-year high in Q1

May 15, 2015

In the first quarter, GDP increased a seasonally- and calendar-adjusted 3.9% over the same quarter last year, according to a preliminary estimate released by the Czech Statistics Office (CZO) on 15 May. If confirmed, the reading marked a notable acceleration compared to the milder 1.4% expansion registered in Q4 2014 and represented the fastest pace of growth that has been recorded since Q2 2008. In addition, the print markedly overshot the 2.0% increase the markets had expected. According to the CZO, the expansion in GDP was largely driven by an improvement in manufacturing, in particular the manufacture of motor vehicles, transport equipment as well as machinery and equipment. More complete and detailed data will be released on 29 May.

Sequential data show that GDP grew 2.8% in the first quarter, which by far exceeded the modest 0.4% expansion observed in Q4 and marked the largest quarter-on-quarter expansion on record.

The Czech National Bank expects the economy to expand 2.6% in 2015 and 3.0% in 2016. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.5% in 2015, which is up 0.1 percentage points over the previous month’s projection. For 2016, the panel sees GDP increasing 2.7%.

Author: Teresa Kersting, Economist

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Czech Republic GDP Chart

Czech Republic GDP Q1 2015

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

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