Czech Republic GDP Q3 2017

Czech Republic

Czech Republic: Economy posts robust annual growth rate in Q3

November 14, 2017

The Czech economy slowed from multi-year-high 2.5% growth in Q2 to 0.5% growth in Q3, in quarter-on-quarter seasonally- and price-adjusted terms, according to preliminary data released by the National Statistics Office (CSO) on 14 November.

In annual terms, the economy posted an impressive 5.0% growth figure in the third quarter of the year, which is above the prior quarter’s 4.7% expansion. Economic activity was buoyed in the third quarter by all main expenditure components of GDP, according to the CSO. Household consumption grew steadily and was likely underpinned by tight labor market conditions coupled with low inflation.

The positive narrative is likely to continue through year-end, translating into a higher pace of expansion in 2017 compared to the previous year. Household spending and external demand should underpin growth.

More detailed data will be released on 1 December.

The Czech Central Bank expects the economy to expand 3.4% in 2018 and 3.1% in 2019. FocusEconomics Consensus Forecast panelists expect the economy to expand 2.6% in 2018, which is unchanged from the previous month’s projection. For 2019, the panel sees GDP increasing 2.6%.

Author:, Economist

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Czech Republic GDP Chart

CzechRepublic GDP Q3 2017

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

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