GDP Preliminary Estimate - 4. quarter of 2024

The gross domestic product (GDP) adjusted for price effects and seasonally adjusted[1] was by 1.0% higher in 2024 compared to 2023, according to the preliminary estimate. The all year round growth was supported by higher final consumption expenditure of households and general government. On the other hand, mainly gross capital formation had a negative effect. The development of the gross value added was mainly supported by a group of economic activities of trade, transportation, accommodation and food service activities. A decrease occurred in manufacturing.    

“In the last quarter of 2024, the GDP increased by 0.5%, quarter-on-quarter. The growth was supported by the domestic demand, especially higher final consumption expenditure of households. External demand was decreasing,” Vladimír Kermiet, Director of the National Accounts Department of the Czech Statistical Office (CZSO), comments on the data.

In the year-on-year comparison, the GDP increased by 1.6% in the Q4 2024. Mainly final consumption expenditure of households and gross capital formation contributed to the growth. The international trade balance had a negative effect. An increase in the value added was the most supported by a group of economic activities of trade, transportation, accommodation and food service activities. Other economic activities of services were also successful. On the other hand, a decrease continued in industry.

Employment[2] increased by 0.3% in 2024. In the Q4 2024, employment was stagnating, quarter-on-quarter; in a year-on-year comparison, it increased by 0.4%.