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Financial News: Czech Q2 GDP Growth Rev Up; Factory PMI

Czech Q2 GDP Growth Rev Up; Factory PMI Falls

09/01/2017 - 06:58:00 (RTTNews)

(RTTNews) - The Czech economy expanded more than initially estimated in the second quarter, revised data from the Czech Statistical Office showed Friday.

Data from IHS Markit showed that manufacturing activity showed a further loss of growth momentum mid-way through the third quarter.

Gross domestic product grew 2.5 percent quarter-on-quarter instead of 2.3 percent estimated in August. This was also faster than the 1.5 percent expansion seen in the first quarter.

On a yearly basis, GDP growth accelerated to 4.7 percent from 3 percent in the previous three months. The latest growth figure was revised up from 4.5 percent.

The favorable development of the Czech economy was contributed to by both the domestic and external demand.

Household spending grew 1.8 percent and government expenditure rose 0.4 percent. Fixed capital formation advanced 6.3 percent.

The Czech economy growth was contributed to also by stable results of the external trade. The trade surplus in the second quarter was CZK 92.9 billion.

The headline manufacturing Purchasing Mangers' Index fell to 54.9 in August from 55.3 in July, IHS Markit showed. This was the lowest level so far seen in 2017.

Expansion in output and new orders slowed for the fourth month in August, and sector employment posted the weakest rise since last November.

Purchase price inflation picked up for the first time in five months. In contrast, factory gate charges increased at a slower rate.

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