The CZSO published the first quarter report on the Czech Republic’s GDP (Gross Domestic Product). According to estimates of the Czech Statistical Office CZSO the Gross Domestic Product remained unchanged quarter-on-quarter in the first part of 2023 and in the year-on-year comparison decreased by 0.4%. The year-on-year decline in GDP was mostly influenced by the decrease in household final consumption expenditure and the reduction of inventories, while external demand had a positive influence. To recapitulate, according to the most detailed forecasts, in Q1 2023 the Czech economy stagnated quarter-on-quarter (q-o-q), while in the year-on-year (y-o-y) comparison, it declined for the first time since Q1 2021. The price-adjusted and seasonally adjusted Gross Domestic Product (GDP) remained unchanged, quarter-on-quarter and in the year-on-year comparison, Gross Domestic Product decreased by 0.4 %.<\/p>\n
The sectors that mainly contributed to the 1.1% year-on-year growth in Gross Value Added (GVA) were industry with +0.4 percentage points (growth of 1.6%), real estate with +0.4 percentage points and a growth of 4.5%, and economic activity group of public administration, education and health and social work with an increase of 0.4 percentage points (+2.6%). Then there were sectors that were negatively affected, in particular the construction sector with a decrease of 0.2 percentage points, i.e. a drop of 3.8%, and the economic activity group of trade, transport and accommodation and food services with a decrease of 2.8% (-0.5 percentage points). The director of the National Accounts Department of the Czech Statistical Office (CZSO), Vladim\u00edr Kermiet, commented on the results, stating that on the demand side, growth in external demand and general government consumption expenditure were the main factors in the trend of Gross Domestic Product in the first quarter of this year, quarter-on-quarter, while household final consumption expenditure and gross capital formation had a negative influence on GDP. Similar to the quarterly trend, the 0.4% year-on-year decline in GDP in the Czech Republic was mainly influenced by household consumption expenditure (-0.3 percentage points) and the change in inventories (-2.8 percentage points). In contrast, general government final consumption expenditure and external demand had a positive influence year-on-year with increases of 0.8 and 4.6 percentage points, respectively.<\/p>\n
Quarter-on-quarter (q-o-q), final consumption expenditure<\/em> decreased by 0.3%, year-on-year (y-o-y) by 3.2%, and of these, household final consumption expenditure decreased by 1.2% quarter-on-quarter. The decrease affected expenditure on the purchase of non-durable goods and services. Overall, in a year-on-year comparison, household final consumption expenditure decreased by 6.4%, on the other hand, general government final consumption expenditure increased by 1.9% quarter-on-quarter and by 3.9% year-on-year.<\/p>\n Gross fixed capital formation<\/em> decreased by 1.8% quarter-on-quarter and grew by 0.3% year-on-year in the comparison. In particular, investment in transport equipment, ICT, and other machinery and equipment increased on the one hand, and investment in housing and other buildings and structures decreased on the other. The change in inventories amounted to CZK +43.2bn, however, CZK 30.9bn lower than in the corresponding quarter of the previous year.<\/p>\n The balance of international trade in goods and services<\/em> at current prices amounted to CZK 93.7bn, an increase of CZK 92.7bn compared to the same period last year. In addition, exports increased quarterly in real terms by 2.5% and in a year-on-year comparison, they grew by 9.5%. With regard to the aforementioned, the development was mainly influenced by the increase in exports of electrical equipment and motor vehicles, while imports fell by 1.3% in the quarter-on-quarter comparison and by 3.3% year-on-year.<\/p>\n Source: https:\/\/www.czso.cz\/<\/p>\n Source of Images: https:\/\/www.freepik.com\/ ; https:\/\/www.czso.cz\/<\/p>\n Graphic Source: storyset.com<\/p>\n","protected":false},"excerpt":{"rendered":" Evidence on GDP development in the Czech Republic in Q1: first signs of stagnation Annual and quarterly overview The CZSO published the first quarter report on the Czech Republic’s GDP…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"yst_prominent_words":[],"class_list":["post-7677","post","type-post","status-publish","format-standard","category-news"],"_links":{"self":[{"href":"https:\/\/axevera.com\/en\/wp-json\/wp\/v2\/posts\/7677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/axevera.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/axevera.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/axevera.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/axevera.com\/en\/wp-json\/wp\/v2\/comments?post=7677"}],"version-history":[{"count":1,"href":"https:\/\/axevera.com\/en\/wp-json\/wp\/v2\/posts\/7677\/revisions"}],"predecessor-version":[{"id":14616,"href":"https:\/\/axevera.com\/en\/wp-json\/wp\/v2\/posts\/7677\/revisions\/14616"}],"wp:attachment":[{"href":"https:\/\/axevera.com\/en\/wp-json\/wp\/v2\/media?parent=7677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/axevera.com\/en\/wp-json\/wp\/v2\/categories?post=7677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/axevera.com\/en\/wp-json\/wp\/v2\/tags?post=7677"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/axevera.com\/en\/wp-json\/wp\/v2\/yst_prominent_words?post=7677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}