Czech Republic GDP

Czech Republic

Czech Republic: Economic growth slightly accelerates in Q3

August 29, 2014

In Q3, the economy expanded a seasonally- and calendar-adjusted 2.4% over the same quarter last year, according to more complete data released by the Czech Statistical Office (CZO) on 28 November. The reading was revised up from the 2.3% increase published in the flash estimate and marked an improvement over the revised 2.3% expansion registered in the previous quarter (previously reported: +2.5% year-on-year). Q3’s expansion was the result of robust growth in domestic demand as well as better performance of the external sector compared to the previous quarter.

Private consumption rose 1.5% in Q3, which was down from the 1.9% increase observed in Q2. In addition, government spending decelerated from a 3.3% rise in the second quarter to a 0.3% increase in the third quarter, thus marking the slowest increase since Q3 2012. Total investment accelerated from 6.9% in Q2 to 7.0% in Q3.

On the external side of the economy, exports of goods and services decelerated from an 8.6% increase in Q2 to a 6.1% rise in Q3. Imports also decelerated from a 10.7% increase in the third quarter to 6.9% rise in the fourth quarter. Consequently, the net contribution from the external sector rose from minus 0.8 percentage points in Q2 to minus 0.2 percentage points in Q3.

Compared to the previous period, GDP grew 0.4%, which matched the expansion recorded 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 expand 2.4% in 2014, which is unchanged over the previous month’s projection. For 2015, the panel sees GDP increasing 2.5%, which is also unchanged from last month’s Consensus.

Author:, Senior Economist

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Czech Republic GDP Chart

Czech Republic GDP Q3 2014

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

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