GDP Preliminary Estimate - 2. quarter of 2024

The gross domestic product (GDP) adjusted for price effects and seasonally adjusted[1] increased in the Q2 2024, according to the preliminary estimate, by 0.3% compared to the previous quarter. When compared to the corresponding quarter of the previous year, it increased by 0.4%.

The quarter-on-quarter GDP growth was influenced by an increasing domestic demand, which was especially supported by higher final consumption expenditure. External demand had a negative influence.

“The year-on-year growth of the economy by 0.4% was mainly supported by final consumption expenditure of households. Final consumption expenditure of general government was also increasing and external demand had a positive influence, too. On the other hand, a change in inventories contributed negatively,” Vladimír Kermiet, Director of the National Accounts Department of the Czech Statistical Office (CZSO), said.

The development of the gross value added was positively influenced in both comparisons mainly by a group of economic activities of trade, transportation, and accommodation and food service activities. Information and communication and financial and insurance activities were successful. A decrease in industry continued.

Employment[2] increased by 0.5%, quarter-on-quarter; compared to the corresponding quarter of the previous year, it increased by 0.2%.