Quarterly GDP flash estimate - 1 quarter
GDP down by 3.4% in the first quarter
Publication Date: 15. 05. 2009
Product Code: r-5001-09
In Q1 2009, according to a preliminary estimate, GDP adjusted for price, seasonal and working day effects fell by 3.4% in comparison to Q1 2008. This is the largest quarterly year-on-year decrease of the economy of the Czech Republic.
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In Q1 2009, according to a preliminary estimate, real GDP (adjusted for seasonal and working day effects) fell by 3.4% in comparison to Q1 2008. GDP not adjusted for seasonal and working day effects decreased by 3.2%. The last year-on-year decrease of real GDP was recorded more than ten years ago, in Q4 1998; up to the present time, the largest fall in the history of the independent Czech Republic (-2.1%) has been recorded in Q4 2007.
By kind of activity, real GDP decreased due to unfavourable situation especially in manufacturing which for months has been facing sales crisis predominantly in external markets. On the demand side of the economy, fixed capital formation expenditure decreased significantly and household expenditure remained roughly at the level of Q1 2008. Roughly the same (nearly 20%) fall was observed in exports and imports of goods and services.
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This GDP preliminary estimate prepared by the CZSO is based only on partial information from statistical surveys and administrative sources; the available information was much more limited than before. For this reason the standard estimate of GDP and GDP components to be published on 9 June 2009 may markedly differ from the figures just published.
Contact: Jan Heller, phone (+420) 274 052 865, e-mail: jan.heller@csu.gov.cz