GDP preliminary estimate - 1. quarter of 2008
Growth of GDP slowing down to 5.4%
Publication Date: 15. 05. 2008
Product Code: r-5001-08
In Q1 2008, according to a preliminary estimate, gross domestic product adjusted for price, seasonal and working day effects grew by 0.9% in comparison to Q4 2007 and by 5.4% compared to Q1 2007. Total employment adjusted for seasonal effects increased by 0.3% in comparison to Q4 2007 and by 1.7% compared to Q1 2007.
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The growth of the Czech economy continued also in Q1 2008, albeit at a lower rate than in the previous three years. According to a preliminary estimate based on partial information, real gross domestic product (adjusted for seasonal and working day effects) increased by 0.9% in comparison to Q4 2007 and by 5.4% compared to Q1 2007. Not seasonally adjusted (NSA) GDP grew by 5.4% year-on-year, i.e. just like seasonally adjusted GDP.
The increase of economic performance was partially connected also with higher employment. According to an estimate that used the results of the labour force sample survey in combination with currently available administrative data, seasonally adjusted total employment in Q1 2008 increased by 0.3% quarter-on-quarter and by 1.7% year-on-year. NSA employment was by 1.9% higher year-on-year.
A third of the increase of economic performance was due to higher employment; the remaining two thirds are attributable to the growth of total labour productivity. The trend of certain price segments varied considerably – a marked seven per cent price growth of household expenditure on the one hand, and by 1.3 p.p. higher decrease of export prices than of import prices on the other. These and other impacts partially compensated one for another so that the overall price level measured by GDP deflator increased by three per cent.
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This preliminary estimate is based on available information from relevant statistical surveys and administrative sources; mathematical and statistical methods, imputations and expert guesses have been used. For this reason the standard estimate of GDP and GDP components development to be published on 10 June 2008 may partially differ from the data released now.
Contact: Jan Heller, phone (+420) 274 052 865, e-mail: jan.heller@csu.gov.cz