Czech Republic GDP Q1 2022

Czech Republic

Czech Republic: GDP growth records quickest expansion since Q2 2021 in Q1 2022

June 2, 2022

GDP growth gathered pace to 4.8% in the first quarter, from 3.6% in the fourth quarter of last year. Q1's reading marked the best reading since Q2 2021.

Household spending increased 8.5% in the first quarter, which was below the fourth quarter's 9.3% expansion. Government consumption picked up to a 2.0% expansion in Q1 (Q4 2021: +1.0%). Fixed investment growth increased to 7.4% in Q1, compared to the 3.0% expansion logged in the prior quarter.

On the external front, exports of goods and services contracted at a slower rate of 0.1% in the first quarter, which marked the best reading since Q2 2021 (Q4 2021: -5.7% ). Conversely, imports of goods and services growth edged down to 3.7% in Q1 (Q4 2021: +4.0%), marking the worst reading since Q4 2020.

On a seasonally-adjusted quarter-on-quarter basis, economic growth accelerated to 0.9% in Q1, from the previous quarter's 0.8% growth.

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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