Czech Republic GDP

Czech Republic

Czech Republic: Economic growth slows in Q4

February 13, 2015

In the fourth quarter, GDP increased a seasonally- and calendar-adjusted 1.3% over the same quarter last year, according to a preliminary estimate released by the Czech Statistics Office (CZO) on 13 February. The reading marked a deceleration compared to the 2.4% expansion registered in the third quarter and was the slowest pace that has been recorded since Q4 2013. In addition, the print fell short of the 1.9% increase the markets had expected. More complete and detailed data will be released on 27 February.

According to the CZO, the expansion in GDP was driven by an improvement manufacturing, in particular in the manufacturing of motor vehicles, trailers, machinery and equipment. CZO added that the, “year-on-year slowdown of the GDP growth was caused by a higher comparison basis and, mainly, by high revenues from the excise tax on tobacco products collected at the end of 2013 due to pre-stocking, which did not happen again in 2014.”

Sequential data show that GDP grew 0.2% in the fourth quarter, which was below the 0.4% expansion observed in the previous quarter.

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 2.4% in 2015, which is unchanged over the previous month’s projection. For 2016, the panel sees GDP increasing 2.8%.

Author: Teresa Kersting, Economist

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Czech Republic GDP Chart

Czech Republic GDP Q4 2014

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

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