According to the revised estimate, GDP grew by 0.4 % q-o-q and by 1.3 % y-o-y in Q3. Annual GDP growth was mainly supported by higher final consumption expenditure. The change in gross capital formation had a negative impact.
The revised estimate confirmed the growth of the Czech economy. Gross domestic product (GDP) adjusted for price effects and seasonality rose by 0.4 % compared with the previous quarter and increased by 1.3 % year-on-year.
Gross value added (HPH) in Q3 has grown quarter-on-quarter by 0.8 % a year-on-year by 1.0 %. The main contributors to the quarter-on-quarter growth were industry (up by 1.5 %), while the trade, transport, accommodation and food services (+0.7 %), information and communication activities (+1.5 %) and money and insurance (+2.8 %) also performed well.
The year-on-year development of GVA (+1.0 %) was positively influenced in particular by the trade, transport, accommodation and food services +0.5 p.p. (growth of 2.6 %). Other services also performed well. Both industry and construction declined by 0.1 %.
"On the demand side, the main drivers of quarter-on-quarter GDP growth in Q3 were rising household final consumption expenditure and the change in inventories. Gross fixed capital formation and external demand were negative," comments on the data Vladimir Kermiet, Director of the National Accounts Department of the CZSO.
Annual GDP growth (+1.3 %) was positively affected by household final consumption expenditure +1.4 pp, government final consumption expenditure +0.6 pp and external demand +0.2 pp.
Final consumption expenditure increased by 0.5 % quarter-on-quarter and by 2.5 % year-on-year, of which final consumption expenditure households increased quarter-on-quarter by 0.7 % and year-on-year by 2.2 %. Final consumption expenditure government institutions decreased by 0.1 % quarter-on-quarter and increased by 3.0 % year-on-year.
Gross fixed capital formation fell quarter-on-quarter by 1.2 % and year-on-year by 0.8 %. Investment in dwellings and in ICT and other machinery and equipment fell year-on-year. Investments in other buildings and structures and transport equipment in particular increased. Change in inventory amounted to CZK +63.6 billion, which was CZK 12.3 billion less than in the same quarter of the previous year.
Balance of foreign trade in goods and services reached CZK 121.8 billion in current prices, which was CZK 29.9 billion higher than in the same period of the previous year. Exports grew quarter-on-quarter in real terms by 1.9 %. In year-on-year comparison, it increased by 4.0 %, where the development was mostly influenced by the growth of exports of electrical and optical equipment and motor vehicles. Imports rose by 3.2 % quarter-on-quarter and by 3.4 % year-on-year.
In terms of price developments, the overall GDP deflator rose by 3.9 % yoy in Q3.
The volume of wage costs in Q3 increased by 6.5 % yoy.
Total employment was unchanged compared to the previous quarter and increased by 0.4 % year-on-year. Total hours worked were 1.5 % more than in the previous quarter and 1.4 % more year-on-year.
CSO/ gnews - RoZ
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