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Financial News: Czech Q1 GDP Expands More Than Estimated

Czech Q1 GDP Expands More Than Estimated

05/31/2022 - 10:34:00 (RTTNews)

(RTTNews) - The Czech Republic's economy expanded more than initially estimated in the first quarter, underpinned by consumption and external demand, latest data from the statistical office showed Tuesday.

Gross domestic product rose a seasonally adjusted 0.9 percent quarter-on-quarter, which was faster than the initial estimate of 0.7 percent growth. This was followed by a 0.8 percent rise in the fourth quarter.

Gross fixed capital formation increased 4.5 percent in the March quarter compared to the previous quarter, underpinned by more investments in dwellings, other buildings and structures, and transport equipment.

Meanwhile, final consumption expenditure showed a decline of 0.8 percent and consumption expenditure of general government also had a negative figure of 0.2 percent.

"This year, household expenditure already started to reflect the increasing price level and reduction of their expenditure mainly to durables," Vladimir Kermiet, director of the National Accounts Department of the statistical office, said.

Both exports and imports grew by 3.0 percent and 2.0 percent, respectively.

On a yearly basis, GDP advanced 4.8 percent in the March quarter, faster than the 3.6 percent rate of expansion in the previous three-month period. The rate for the first quarter was revised up from 4.6 percent.

The acceleration in the annual growth was mainly supported by final consumption expenditure of households and by the gross capital formation, whereas external demand had a negative influence, the statistical office said.

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