Czech Republic GDP Q2 2022

Czech Republic

Czech Republic: GDP growth moderates in Q2

August 31, 2022

GDP growth moderated to 3.7% year on year in the second quarter, down from 4.6% in the first quarter, but above the preliminary estimate of a 3.6% increase.

Household spending increased 0.2% in the second quarter, which was below the first quarter's 8.2% expansion. Public spending growth moderated to 1.8% in Q2 (Q1: +2.2% yoy). Meanwhile, fixed investment growth slowed to 6.2% in Q2, from 6.9% in the previous quarter.

On the external front, exports of goods and services increased 1.8% in the second quarter, which was above the first quarter's 0.4% expansion. Conversely, imports of goods and services growth fell to 2.7% in Q2 (Q1: +5.1% yoy), marking the worst reading since Q4 2020.

On a seasonally-adjusted quarter-on-quarter basis, economic growth edged down 0.5% in Q2, lower than the previous quarter's 0.6% growth but above the preliminary release of 0.2%.

FocusEconomics analysts see GDP expanding 3.6% in 2022, which is down 0.1 percentage points from last month’s forecast, and 4.5% in 2023.

Author: Massimo Bassetti, Senior Economist

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Czech Republic GDP Chart

Czech Republic GDP Q2  2022

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

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