Quarterly GDP flash estimate - 2 quarter
GDP down by 4.9% in the second quarter, y-o-y
Publication Date: 14. 08. 2009
Product Code: r-5001-09
In Q2 2009, GDP adjusted for price, seasonal and working days effects fell by 4.9% in comparison to Q2 2008. By contrast, compared to Q1 2009, GDP increased by 0.3%.
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In Q2, according to a preliminary estimate, real GDP (adjusted for seasonal and working day effects) fell by 4.9% compared to Q2 2008. Although this is the biggest quarterly slump in the history of the Czech economy, compared to Q1 2009 GDP increased by 0.3%. This apparent paradox comes from the higher comparable basis in Q2 2008 than in Q1 of the same year.
Unfavourable development of GDP, compared to the previous year, owed mainly to a significant drop of the gross value added in manufacturing, which has been facing sales crisis mainly in external markets.
In EU27 gross domestic product dropped in Q2, according to the Eurostat preliminary estimate of 13 August by 4.8%, y-o-y, of which in the Eurozone by 4.6%. In Hungary GDP decreased by 7.4%, in Germany by 5.9 %, in Slovakia by 5.4% and in Austria by 4.4% compared to Q2 2008. In comparison with Q1 2009, GDP adjusted for price, seasonal and working days effects fell in Q2 2009 by 0.3% in EU27, of which in the Eurozone by 0.1%.
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Preliminary estimate was compiled on the basis of partial information from statistical surveys and administrative sources. The standard estimate of formation and use of GDP completed by the development of employment data according to national accounts methodology will be published on 8 September.
Contact: Jan Heller, phone (+420) 274 052 865, e-mail: jan.heller@csu.gov.cz