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Financial News: Czech Economic Growth Slows Sharply In Q4

Czech Economic Growth Slows Sharply In Q4

02/14/2020 - 11:28:00 (RTTNews)

(RTTNews) - The Czech Republic's economic growth slowed sharply in the fourth quarter of 2019 to its lowest in nearly six years, preliminary figures from the Czech Statistical Office showed on Friday.

Gross domestic product grew a seasonally adjusted 1.7 percent year-on-year after a 2.5 percent expansion in the third quarter. Economists had forecast 1.9 percent growth. The latest pace of growth was the slowest since the first quarter of 2014, when the economy grew 1.6 percent. The slowdown was largely due to the sluggishness in the manufacturing sector, while services and construction remained successful. Growth was largely underpinned by household consumption. On a quarter-on-quarter basis, GDP rose 0.2 percent after a 0.4 percent growth in the previous three months. Economists had forecast 0.3 percent growth. The quarterly outcome was also the weakest since the first quarter of 2014. In the full year 2019, the Czech economy grew 2.4 percent, supported by household consumption and exports. The economy grew 2.8 percent in the previous year.

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