Petr Dubinsky

Czech Economic Growth Slows

The Czech economy slowed year-on-year growth to 2.5 percent in the third quarter. It grew by 2.8 percent in the second quarter. Quarterly GDP growth also slowed to 0.4 percent from 0.6 percent in the second quarter. The Czech Statistical Office reports.

Previous figures on economic developments in the third quarter were released by statisticians at the end of November. They published more accurate data this Friday.

Seasonally adjusted total household income increased by 1.6 percent in real terms compared to the previous quarter. Household consumption per capita slowed quarter-on-quarter growth to 1.2 percent, up by 3.9 percent year on year.

“As a result of faster growth in household incomes than in expenditures compared to the previous quarter, the savings rate was 11 percent,” the CZSO said. It rose by half a percentage point. Household investment accelerated quarter-on-quarter growth to 8.8 percent.

“The investment rate of non-financial corporations increased by 0.3 percentage point compared to the previous quarter,” the statisticians wrote. It reached 28 percent, which represents a year-on-year decline of 1.2 percentage points. Labor costs of non-financial corporations increased by 6.2 percent year-on-year.