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Czech Republic GDP Q4 2021

Czech Republic: Year-on-year GDP growth accelerates in Q4, but underlying momentum wanes somewhat

A second release confirmed that the economy grew 3.6% in seasonally-adjusted year-on-year terms in the fourth quarter, accelerating slightly from the 3.5% expansion logged in the third quarter.

The acceleration was driven by strengthening private consumption and fixed investment. Household spending increased 9.3% annually in the fourth quarter, which was above the third quarter’s 6.5% expansion. In addition, fixed investment growth sped up to 3.5% in Q4, from 2.2% in Q3. Meanwhile, government spending growth decelerated to 0.1% in Q4 (Q3: +3.0% yoy).

On the external front, exports of goods and services fell 5.7% on an annual basis in the fourth quarter, which followed the third quarter’s 2.1% contraction. In addition, growth in imports of goods and services slowed to 4.0% in Q4 (Q3: +8.7% yoy).

On a seasonally-adjusted quarter-on-quarter basis, economic growth slowed to 0.9% in Q4, following the previous quarter’s 1.6% expansion.

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