GDP Preliminary Estimate - 1. quarter of 2022
GDP increased by 0.7%, quarter-on-quarter
Publication Date: 29. 04. 2022
Product Code: 050055-22
The Czech economy was successful in the beginning of 2022, too. The gross domestic product (GDP) adjusted for price effects and seasonally adjusted[1] increased in the Q1 2022, according to the preliminary estimate, by 0.7% compared to the previous quarter. When compared to the corresponding quarter of the previous year, it increased by 4.6%.
“The year-on-year increase of the GDP was positively contributed to mainly by final consumption expenditure of households and gross capital formation. On the other hand, a negative influence of external demand continued,” Vladimír Kermiet, Director of the National Accounts Department of the Czech Statistical Office (CZSO), said.
The quarter-on-quarter development was positively influenced mainly by gross fixed capital formation and an increase in the international trade balance.
As for the structure by economic activity, the year-on-year increase of the gross value added was supported the most by construction and a group of economic activities of trade, transportation, and accommodation and food service activities. Most of economic activities of services were successful, too.
Employment[2] remained unchanged, quarter-on-quarter; compared to the corresponding quarter of the previous year, it increased by 1.2%.
Responsible head at the CZSO: Vladimír Kermiet, Director of the National Accounts Department, phone number: (+420) 274 054 247,
Contact person: Jan Benedikt, Head of the Quarterly Estimates Unit, phone number: (+420) 274 052 750, e‑mail: jan.benedikt@csu.gov.cz
Used data sources updated as at: 26 April 2022
Related CZSO web page: https://csu.gov.cz/quarterly-national-accounts-gdp-resources-and-uses-and-gdp-preliminary-estimate
Next News Release will be published on: 31 May 2022
(GDP resources and uses for the Q1 2022)
[1] All data presented in this News Release are adjusted for seasonal and calendar effects.
[2] in terms of national accounts