GDP Preliminary Estimate - 2nd quarter of 2023

According to a preliminary estimate, the gross domestic product increased by 0.1%, quarter-on-quarter, in the Q2 2023. In the year-on-year comparison, it decreased by 0.6%.

The gross domestic product (GDP) adjusted for price effects and seasonally adjusted¹ increased in the Q2 2023, according to the preliminary estimate, by 0.1% compared to the previous quarter. When compared to the corresponding quarter of the previous year, it decreased by 0.6%.
 

“The year-on-year development of the GDP was negatively influenced by lower final consumption expenditure of households and by lower gross capital formation. External demand had a positive influence again,” Vladimír Kermiet, Director of the National Accounts Department of the Czech Statistical Office (CZSO), said.

The quarter-on-quarter growth was contributed to by domestic demand while final consumption expenditure of households was stagnating.

The year-on-year development of the gross value added (GVA) was the most positively contributed to by industry and information and communication. On the other hand, construction and a group of economic activities of trade, transportation, and accommodation and food service activities had a negative influence. In the quarter-on-quarter comparison, the GVA decreased in most economic activities of the national economy.

Employment² increased by 0.9%, quarter-on-quarter; compared to the corresponding quarter of the previous year, it increased by 0.7%.

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1 All data presented in this News Release are adjusted for seasonal and calendar effects.
2 in terms of national accounts