According to the revised estimate, gross domestic product (GDP) grew by 0.7 % q-o-q and 1.8 % y-o-y in Q4 2024. GDP for the full year 2024 grew by 1.0 %. Gross domestic product adjusted for price effects and seasonality was 0.7 % higher in Q4 than in the previous quarter and increased by 1.8 % compared to the same quarter in 2023.
Development of gross domestic product in %:
| 1st quarter | 2nd quarter | 3rd quarter | 4th quarter | Year 2024 | |
| To the previous quarter | +0,3 | +0,3 | +0,6 | +0,7 | +1,0 |
| By the same quarter 2023 | +0,3 | +0,5 | +1,4 | +1,8 |
Development of gross value added in %:
| 1st quarter | 2nd quarter | 3rd quarter | 4th quarter | Year 2024 | |
| To the previous quarter | -0,1 | +0,3 | +0,8 | +0,0 | +0,3 |
| By the same quarter 2023 | -0,6 | -0,1 | +1,0 | +1,1 |
Gross value added (HPH) in Q4 stagnated quarter-on-quarter and increased by 1.1 % year-on-year. In the quarter-on-quarter comparison, the manufacturing industry (+1.0 %), the trade, transport, accommodation and food services (+0.4 %) and real estate activities (+2.2 %) were particularly successful.
At annual GVA growth (+1.1 %), the largest contributors were trade, transport, accommodation and food services +0.5 pp (up 3.0 %) and real estate activities +0.3 pp (+2.1 %). Other services also performed well. Construction grew by 2.4 % yoy. In contrast, industry had a negative impact of -0.6 pp (-2.2 %).
"On demand side higher household final consumption expenditure and the change in inventories were the main drivers of quarter-on-quarter GDP growth in Q4. Gross fixed capital formation and falling external demand had a negative impact," comments on the data Vladimir Kermiet, Director of the National Accounts Department of the CZSO.
Annual GDP growth (+1.8 %) was positively affected by household final consumption expenditure +1.9 pp, government final consumption expenditure +0.6 pp and change in inventories +1.6 pp.
Household final consumption expenditure increased by 1.5 % quarter-on-quarter. Year-on-year, they rose by 3.2 %, with purchases of non-durable goods in particular increasing.
Final consumption expenditure of general government fell quarter-on-quarter by 0.3 % and increased by 3.2 % year-on-year.
Gross fixed capital formation fell quarter-on-quarter by 1.5 % and year-on-year by 2.4 %. Investment in other buildings and structures and transport equipment rose year-on-year. Investment in all other assets fell. Change in inventory amounted to CZK -79.5 billion, which was CZK 10.5 billion more than in the same quarter of the previous year.
Balance of foreign trade in goods and services reached CZK 129.2 billion in current prices, which was CZK 5.1 billion higher than in the same period of the previous year. Exports fell by 1.5 % quarter-on-quarter in real terms and rose by 1.3 % year-on-year. This development was mainly influenced by the growth in exports of electronic and optical instruments and electrical equipment. In contrast, exports of machinery and equipment and motor vehicles declined. Imports fell by 1.8 % quarter-on-quarter and rose by 3.1 1 % year-on-year.
In terms of price developments, the headline GDP deflator rose by 0.3 % q-o-q and by 3.7 % y-o-y in Q4.
The volume of wage costs in Q4 increased by 6.6 % yoy.
Total employment decreased by 0.1 % compared to the previous quarter and increased by 0.2 % year-on-year. Total hours worked were unchanged quarter-on-quarter and increased by 0.5 % year-on-year.
GDP generation and use in 2024
GDP for 2024 was o 1.0 % Annual growth was driven mainly by household final consumption expenditure +1.5 pp and government final consumption expenditure (+0.7 pp). Expenditure on gross capital formation (-1.1 pp) and external demand (-0.1 pp) had a negative impact.
Household final consumption expenditure increased by 2.0 %. Final consumption expenditure of general government increased by 3.8 %. Gross fixed capital formation was lower by 1.3 %. The external trade balance increased by CZK 141.2 billion yoy to CZK +525.6 billion at current prices.
HPH in 2024 Increased compared to the previous year o 0.3 %. The most significant contribution to GVA growth was made by the trade, transport, accommodation and food services (+0.3 pp). The negative impact was mainly due to industry (-0.5 pp).
Total employment increased by 0.3 % compared to the previous year to 5 404 000 persons. However, total hours worked were 0.2 % fewer than in 2023.
CSO/ gnews.cz - RoZ
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