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Czechia’s quarterly GDP rise falls short of market expectations

Czech economy’s 3rd consecutive increase was due to increasing domestic demand, says statistical office’s director

Czechia’s quarterly GDP rise falls short of market expectations
2024-07-30 13:53:15

ISTANBUL

Czechia's seasonally adjusted gross domestic product (GDP) rose 0.3% in the second quarter for the third consecutive time, up from a 0.2% growth in the previous quarter, but below the market expectations of 0.4%, according to a preliminary estimate by the Czech Statistical Office on Tuesday.

The quarterly increase in the GDP was due to increasing domestic demand, data showed.

The Czech economy grew 0.4% in the second quarter compared to last year's same quarter.

The year-on-year growth was mainly due to increased final consumption expenditure of households and the government, while external demand showed a positive influence, said Vladimir Kermiet, the director of the National Accounts Department of the Czech Statistical Office (CZSO).

At the same time, employment rose 0.5% on a quarterly basis, and 0.2% on an annual basis.