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Financial News: Czech Economy Contracts More Than Expected In Q3

Czech Economy Contracts More Than Expected In Q3

11/01/2022 - 08:15:00 (RTTNews)

(RTTNews) - The Czech Republic's economic output contracted more-than-expected in the three months ended September, preliminary estimates from the statistical office showed on Tuesday.

Gross domestic product decreased 0.4 percent sequentially in the third quarter, reversing a 0.5 percent expansion in the second quarter. Economists had forecast a 0.1 percent fall.

Further, the economy contracted for the first time since the second quarter of 2021.

The quarterly decrease was caused by weaker domestic demand, mainly by lower final consumption expenditure of households, which fell already for the fourth successive quarter. On the other hand, external demand had a positive influence in the third quarter.

On a year-on-year basis, GDP advanced at a slower pace of 1.6 percent in the September quarter, following a 3.7 percent rise in the June quarter. That was just below the expected growth of 1.7 percent.

On a year-on-year basis, GDP advanced at a slower pace of 1.6 percent in the September quarter, following a 3.7 percent

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