Czech Republic GDP Q1 2019

Czech Republic

Czech Republic: Economic growth slows marginally in Q1

May 15, 2019

Annual GDP growth slowed a notch in the first quarter of the year in seasonally- and price-adjusted terms (Q1 2019: +2.5%; Q4 2018: 2.5%), broadly in line with market expectations.

According to the preliminary release by the Czech Statistical Office (CSO), external demand and household spending, which has been propped up by the overly tight labor market and solid wage growth, led the expansion in Q1. Surprisingly, manufacturing also contributed strongly to the upturn, contrasting the relatively downbeat monthly showings by the industrial sector.

On a quarter-on-quarter basis, GDP growth also decelerated from 0.8% in Q4 to 0.5% in Q1.

More detailed national accounts data will be released on 31 May.

The Czech Central Bank expects the economy to expand 2.5% this year and 2.8% in 2020. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.7% in 2019, which is unchanged from the previous month’s projection. For 2020, the panel sees GDP expanding 2.5%.

Author:, Economist

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Czech Republic GDP Chart

Czech Republic GDP Q1  2019 0

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

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