GDP growth moderates in Q4
GDP growth moderated to 0.2% year on year in the fourth quarter, down from 1.5% in the third quarter, and below the preliminary estimate of a 0.4% increase. A sharper contraction in domestic demand was behind the deceleration.
Household spending tanked 5.5% in the fourth quarter, which followed the third quarter’s 5.2% drop, as consumers were hit by soaring inflation and tighter financing conditions, which weighed heavily on sentiment. Moreover, fixed investment growth slowed to 4.6% in Q4, from 7.2% in the previous quarter, dragged down by the economic impact of the war in Ukraine and global economic uncertainty. Meanwhile, public spending expanded 1.0% in Q4 (Q3: -1.9% yoy).
On the external front, exports of goods and services increased 9.7% in the fourth quarter, which was below the third quarter’s 11.1% expansion. Meanwhile, imports of goods and services growth rose to 7.6% in Q4 (Q3: +6.2% yoy).
On a seasonally-adjusted quarter-on-quarter basis, the economy contracted 0.3% in Q4, matching the previous quarter’s performance.
Czech Republic Exports (G&S, ann. var. %) Data
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Exports (G&S, ann. var. %) | 7.6 | 3.7 | 1.3 | -8.1 | 6.8 |