According to the preliminary estimate, GDP grew by 0.3 % q-o-q and by 1.3 % y-o-y in Q3.

Gross domestic product (GDP) adjusted for price effects and seasonality was 0.3 % higher in Q3 than in the previous quarter, according to the preliminary estimate, and increased by 1.3 % compared with the same quarter of the previous year.

Quarter-on-quarter GDP growth was supported by rising domestic demand. Foreign demand stagnated.

"The year-on-year growth in the economy was driven mainly by household final consumption expenditure, which has been rising continuously since the beginning of the year. Government final consumption expenditure and external demand also made a positive contribution. On the other hand, gross capital formation had a negative impact," He told Vladimir Kermiet, Director of the National Accounts Department of the CZSO.

Quarter-on-quarter growth in gross value added was positively affected mainly by manufacturing. The construction industry was also buoyant. Year-on-year growth was mainly supported by the trade, transport, accommodation and food services and money and insurance sectors. Most service industries also performed well. In contrast, industry continued to decline.

Employment was unchanged quarter-on-quarter and increased by 0.5 % compared to the same quarter last year.

CSO/ gnews - RoZ