Czech Republic GDP Q2 2019

Czech Republic

Czech Republic: Growth down a notch in Q2

August 14, 2019

The economy grew 2.7% in year-on-year, seasonally- and price-adjusted terms in the second quarter, marginally down from the 2.8% upturn logged in the first quarter, according to a preliminary release by the Czech Statistical Office (CSO) on 14 August.

Household spending, which has been propped up by the extremely tight labor market and solid real wage growth, was the main driver of the expansion. External demand also contributed strongly to the outturn, despite the wider European slowdown. On the supply side, buoyant activity in the trade, transportation and storage, and hospitality industries underpinned growth.

On a quarter-on-quarter basis, GDP growth came in at 0.6% in Q2, matching Q1’s expansion.

More detailed national accounts data will be released on 30 August.

The Czech Central Bank expects the economy to expand 2.6% this year and 2.9% in 2020. FocusEconomics Consensus Forecast panelists also expect the economy to grow 2.6% in 2019, which is unchanged from the previous month’s projection. For 2020, however, the panel is less optimistic than the Central Bank and sees GDP expanding 2.5%.

Author:, Economist

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Czech Republic GDP Chart

Czech Republic GDP Q2  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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