Economic Growth Stalls in Q1

Prague, June 1 (CTK) – The Czech economy grew annually by 4.4 percent in the first quarter of this year, rising by 5.5 percent in the previous quarter, with gross domestic product (GDP) increasing by 0.4 percent in quarterly comparison, according to revised data the Czech Statistical Office (CSU) released today.

 

The CSU’s preliminary data from the middle of May estimated that the Czech economy would expand by 4.5 percent annually and by 0.5 percent quarterly.

 

The growth was helped mainly by the faster increasing investment expenditure supported by a continuing rise of household consumption, the CSU said.

 

Most segments of the national economy were successful, with manufacturing contributing the most to the growth.

 

The car industry rise slowed down.

 

Imports increased quicker than exports, and foreign trade thus stopped contributing to GDP expansion after more than four years, the CSU said.

 

Real consumption of households grew by 4.1 percent yr/yr and by 0.7 percent qtr/qtr.

 

The dynamics of household expenditure increased mainly in the consumption of durable goods and services, the CSU said.

 

The annual growth in investment activity was supported mainly by investments in buildings, structures, and machinery.

 

Final consumption expenditure of general government went up by 3.6 percent yr/yr and by 1.4 percent qtr/qtr.