{"id":7620,"date":"2023-08-21T11:52:55","date_gmt":"2023-08-21T11:52:55","guid":{"rendered":"https:\/\/axevera.com\/2023\/08\/21\/czech-republics-gdp-increased-by-24-in-2022\/"},"modified":"2025-07-01T09:04:46","modified_gmt":"2025-07-01T09:04:46","slug":"czech-republics-gdp-increased-by-24-in-2022","status":"publish","type":"post","link":"https:\/\/axevera.com\/en\/2023\/08\/21\/czech-republics-gdp-increased-by-24-in-2022\/","title":{"rendered":"Czech Republic’s GDP increased by 2,4% in 2022"},"content":{"rendered":"
Investment and foreign trade drove the Czech Republic’s economic growth in 2022<\/strong><\/h6>\n

According to the Czech Statistical Office’s new estimate at the end of the fourth quarter of 2022, the Czech Republic’s Gross Domestic Product decreased by 0,4% quarter-on-quarter, thus compared to the previous quarter, but increased by 0,2% year-on-year, thus compared to the same quarter in 2021. Overall, GDP for the whole of 2022 grew by 2,4%. Specifically:<\/p>\n

Gross Domestic Product development in percent:<\/p>\n\n\n\n\n\n
<\/td>\n1st quarter<\/td>\n2nd quarter<\/td>\n3rd quarter<\/td>\n4th quarter<\/td>\nthe year 2022<\/td>\n<\/tr>\n
From previous quarter<\/td>\n+0.6<\/td>\n+0.3<\/td>\n-0.3<\/td>\n-0.4<\/td>\n+2.4<\/td>\n<\/tr>\n
For the same quarter in 2021<\/td>\n+4.7<\/td>\n+3.5<\/td>\n+1.5<\/td>\n+0.2<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Development of gross value added in percent:<\/p>\n\n\n\n\n\n
<\/td>\n1st quarter<\/td>\n2nd quarter<\/td>\n3rd quarter<\/td>\n4th quarter<\/td>\nthe year 2022<\/td>\n<\/tr>\n
From previous quarter<\/td>\n+0.5<\/td>\n+0.5<\/td>\n-0.2<\/td>\n+0.3<\/td>\n+2.5<\/td>\n<\/tr>\n
For the same quarter in 2021<\/td>\n+4.0<\/td>\n+3.4<\/td>\n+1.5<\/td>\n+1.0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Czech economic growth in 2022 was possible mainly due to investment and foreign trade. The most impactful contribution to GDP growth was fixed asset creation, then investment up 6 percent from the year before, foreign trade, and government sector spending. Not a factor in GDP growth was household spending, down 1%.<\/p>\n

Gross Value Added (GVA) increased 0,3% from last quarter and 1% from a year earlier.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Sectors that influenced GDP<\/td>\nCompared to the same quarter in 2021<\/td>\n<\/tr>\n
Investment<\/td>\n+6%<\/td>\n<\/tr>\n
Fixed asset creation<\/td>\n<\/td>\n<\/tr>\n
Foreign trade<\/td>\n<\/td>\n<\/tr>\n
Government sector spending<\/td>\n<\/td>\n<\/tr>\n
Household spending<\/td>\n-1%<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
Sectors that influenced GVA<\/td>\n<\/td>\n<\/tr>\n
Manufacturing industry<\/td>\n+1.6%<\/td>\n<\/tr>\n
Banking and insurance<\/td>\n+3.6%<\/td>\n<\/tr>\n
Real estate<\/td>\n+2.4%<\/td>\n<\/tr>\n
Construction<\/td>\n+0.9%<\/td>\n<\/tr>\n
Trade, transportation, lodging and hospitality<\/td>\n-0.3%<\/td>\n<\/tr>\n
Information and communication activities<\/td>\n-1.4%<\/td>\n<\/tr>\n
Professional, scientific, technical and administrative activities<\/td>\n-0.3%<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
Sectors that influenced VAT<\/td>\n<\/td>\n<\/tr>\n
Industry<\/td>\n+3.1%<\/td>\n<\/tr>\n
Real estate activities<\/td>\n+5.1%<\/td>\n<\/tr>\n
Trade, transport, accommodation and hospitality<\/td>\n-2.9%<\/td>\n<\/tr>\n
Construction<\/td>\n-2.8%<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
Demand-side influences<\/td>\n<\/td>\n<\/tr>\n
Final consumption expenditure of public institutions<\/td>\n+0.2%<\/td>\n<\/tr>\n
Gross fixed capital formation<\/td>\n+0.9%<\/td>\n<\/tr>\n
Foreign demand<\/td>\n+2.4%<\/td>\n<\/tr>\n
Stocks<\/td>\n-0.3%<\/td>\n<\/tr>\n
Household final consumption expenditure<\/td>\n-5.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

As for household consumption, final spending decreased by 2,8% on a quarterly basis. The largest decline was seen in purchases of durable goods and food spending (down 10% year-on-year). Only spending on services experienced growth. Fixed investment decreased 1,1% from the previous quarter (the third in 2022) in housing, buildings, construction and transportation equipment. In contrast, investment in machinery, equipment and intellectual property grew by 4,6%.<\/p>\n

The balance of foreign trade in goods and services reached 11,1 billion Czech crowns in current prices. They grew by 0,5% quarter-on-quarter and 9,7% year-on-year. This development was most influenced by growth in exports of electrical equipment and motor vehicles. Imports were unchanged on a quarterly basis but increased by 7,6% year-on-year.<\/p>\n

The graph below shows the contributions to annual real growth:<\/p>\n