May 4, 2023

GDP Preliminary Estimate – 1st quarter of 2023

According to a preliminary estimate, the gross domestic product increased by 0.1%, quarter-on-quarter, in the Q1 2023. In the year-on-year comparison, it decreased by 0.2%.

The gross domestic product (GDP) adjusted for price effects and seasonally adjusted increased in the Q1 2023, according to the preliminary estimate, by 0.1% compared to the previous quarter. When compared to the corresponding quarter of the previous year, it decreased by 0.2%.

“Both the quarter-on-quarter and year-on-year development of the GDP were positively influenced mainly by an increasing external demand. On the other hand, a negative influence came from further decreasing final consumption expenditure of households. Also gross capital formation decreased; there was a year-on-year slump after a two-year period of growth,” Vladimír Kermiet, Director of the National Accounts Department of the Czech Statistical Office (CZSO), said.

The year-on-year growth of the gross value added was the most contributed to especially by industry and in the quarter-on-quarter comparison also by a group of economic activities of trade, transportation, and accommodation and food service activities. In the quarter-on-quarter comparison, also construction and information and communication were successful.

Employment increased by 0.4%, quarter-on-quarter; compared to the corresponding quarter of the previous year, it increased by 1.4%.

Source: Czech Statistical Office
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