Financial News: Czech Q3 GDP Grows More Than Estimated

Czech Q3 GDP Grows More Than Estimated

11/29/2024 - 07:25:00 (RTTNews)

(RTTNews) - The Czech Republic's economy grew for the fourth straight quarter in the three months ending in September, slightly faster than initially estimated, the latest data from the statistical office showed on Friday.

Gross domestic product advanced 0.4 percent sequentially, following a revised 0.2 percent rise in the second quarter. In the flash report, the rate of growth was 0.3 percent.

On the expenditure side, final consumption expenditure by households grew 0.7 percent over the quarter, while government consumption dropped by 0.1 percent.

Gross fixed capital formation decreased 1.2 percent due to lower investments in dwellings, in ICT, and in other machinery and equipment. Both exports and imports grew by 1.9 percent and 3.2 percent, respectively.

On a yearly basis, GDP growth accelerated to 1.3 percent in the third quarter from 0.5 percent in the previous quarter, as estimated.

The annual GDP growth was mainly supported by higher final consumption expenditure, while gross capital formation had a negative effect, the agency said.

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