GDP resources and uses - 2 quarter 2014

GDP increased in the Q2 2014 by 2.7%, y-o-y

29.08.2014
Code: 050056-14
 



The gross domestic product in the second quarter increased by 2.7%, year-on-year (y-o-y).

According to the refined estimate, the gross domestic product (GDP) adjusted for price effects and seasonally adjusted */ increased by 2.7%, y-o-y, in the Q2 2014; in the quarter-on-quarter (q-o-q) comparison it remained unchanged.

The overall performance of the economy of the CR remained unchanged in the Q2 2014, q-o-q. Final consumption expenditure remained unchanged as well. Expenditure on capital formation increased by 2.3%; imports increased by 0.3%, q-o-q. Slow deceleration was reported by exports, which dropped by 0.4%.


Development in the Q2 2014

Demand components

The final consumption expenditure increased by 2.0%, y-o-y. Compared to the previous quarter, the expenditure remained unchanged. In households, final consumption expenditure increased by 1.9%, y-o-y. Consumers were more interested in durable goods, mainly furnishings and transport equipment. Expenditure on food, accommodation and food service activities, and routine maintenance of the house increased, too.

The capital formation increased by 10.8%, y-o-y. Fixed capital formation was by 6.9% higher, y-o-y, while in the q-o-q comparison it dropped by 1.4%. The y-o-y growth was contributed to mainly by investments to transport equipment, other buildings and structures, and other machinery and equipment. Investments to dwellings (flats, family houses) dropped.

External trade in the Q2 2014 compared to the Q1 2014 stopped being the main factor of the GDP formation. Imports increased by 11.3%, y-o-y, while exports only by 8.9%. The positive balance at current prices in the Q2 2014 increased by CZK 8.3 bn, y-o-y, to CZK 77.2 bn.

Structure of the supply

The gross value added (GVA) increased by 3.3%, y-o-y; in manufacturing it was by 8.7%, in construction by 2.4%, in trade by 2.3%, and in real estate activities by 4.3%. A negative result was reported by financial and insurance activities, in which the GVA dropped by eight percent. In the q-o-q comparison, the GVA increased by 0.5%.

Employment
In the Czech Republic, in terms of national accounts, 5 145 thousand persons were employed on average in the Q2 2014, which was by 0.1% more, y-o-y. The number of hours worked increased by 1.2%, q-o-q.

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*/ Unless otherwise stated, all data presented in this news release are adjusted for price, seasonal, and calendar effects.


Contact person: Vladimír Kermiet, Director of the National Accounts Department, phone number (+420) 274 054 247, e-mail: vladimir.kermiet@czso.cz
Used data sources updated as at: 25 August 2014
Related CZSO web page: /csu/czso/1-aktual-hdp
Next Release will be published on: 1 October 2014 (Quarterly National Accounts for the second quarter of 2014)



  • ahdp082914.docx
  • Annexes:
  • Table 1 Gross domestic product (in CZK million, indices)
  • Graph 1 GDP and GVA Development at Constant prices, y-o-y indices, seasonally adjusted
  • Graph 2 GDP and GVA Development at Constant prices, q-o-q indices, seasonally adjusted
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Published: 29.08.2014
The data are valid as of the release date of the publication.


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