GDP Resources and Uses - 3. quarter of 2022

The refined estimate confirmed the quarter-on-quarter (q-o-q) decrease of the Czech economy in the Q3 2022. The gross domestic product (GDP) adjusted for price effects and seasonally adjusted[1] decreased by 0.2%, q-o-q. In the year-on-year (y-o-y) comparison, it increased by 1.7%.

The gross value added (GVA) decreased by 0.2%, q-o-q, and increased by 1.4%, y-o-y, in the Q3 2022. The q-o-q decrease of the GVA was influenced the most by a decrease in a group of economic activities of trade, transportation, and accommodation and food service activities 
(-4.4%) and in construction (-4.5%). Manufacturing recorded an increase (+1.8%).

The y-o-y GVA growth (+1.4%) was the most contributed to by industry +0.9 percentage point (p. p.; growth by 3.2%) and information and communication +0.3 p. p. (+4.6%). Conversely, a negative influence came from a group of economic activities of trade, transportation, and accommodation and food service activities (-0.2 p. p., decrease by -1.3%).

“On the demand side, domestic demand was the main factor of the quarter-on-quarter GDP decrease in the Q3 2022. Especially final consumption expenditure of households decreased. External demand had a positive influence,” Vladimír Kermiet, Director of the National Accounts Department of the Czech Statistical Office comments on the data.

The gross capital formation +1.4 p. p.[2] and external demand +3.6 p. p. contributed to the y-o-y growth of GDP (+1.7%). Final consumption expenditure of households had a negative influence -3.0 p. p. and final consumption expenditure of general government -0.3 p. p.

Final consumption expenditure decreased by 2.4%, q-o-q. In the y-o-y comparison it was by 4.4%. Of that, final consumption expenditure of households decreased by 3.2%, q-o-q. A decrease also occurred in the y-o-y comparison (-5.9%), namely in purchase of both durables and non-durables. Final consumption expenditure of general government decreased by 0.8%, q-o-q; in the y-o-y comparison it was by 1.2%.

Gross fixed capital formation decreased by 0.3%, q-o-q. In the y-o-y comparison, it increased by 4.6%. Mainly investments in other buildings and structures and in transport equipment were increasing.  

The international trade balance of goods and services at current prices reached the value of CZK +9.9 billion; thus, it was by CZK 6.8 billion lower than in the corresponding period of the previous year. Exports increased in real terms by 4.7%, q-o-q. In the y‑o-y comparison, it increased by 10.5%. The y-o-y growth was mainly influenced by trade in electrical equipment and exports of motor vehicles. Imports increased by 2.7%, q-o-q; in the y-o-y comparison it was by 6.2%.

As for the price development in the Q3 2022, the total GDP deflator increased by 9.8%, y-o-y.

The volume of labour costs[3] increased by 6.4%, y-o-y, in the Q3 2022.

The total employment[4] decreased by 0.1%, q-o-q; in the y-o-y comparison, it increased by 1.8%. The number of hours worked remained unchanged, q-o-q; in the y-o-y comparison, it increased by 2.0%.