GDP resources and uses - 2nd quarter of 2015

Domestic demand-pull growth in the Q2

28.08.2015
Code: 050056-15
 

The gross domestic product in the second quarter was higher by 4.4%, year-on-year (y‑o‑y); compared to the previous quarter it increased by 1.0%.

According to the refined estimate, the Czech economy underwent a significant growth in the Q2 2015, both in the y-o-y and q-o-q comparisons. The gross domestic product (GDP) adjusted for price effects and seasonally adjusted*) increased by 4.4%, y-o-y; compared to the Q1 2015, it increased by 1.0% at constant prices.

The gross value added (GVA) increased by 3.8%, y-o-y, and by 0.9%, q-o-q. The economic growth was rather evenly distributed among all economic activities of the domestic economy. Manufacturing increased by 7.0%, y-o-y, and by 1.1% when compared to the Q1 2015. The y‑o‑y growth in construction was 3.1%. Also all of the economic activities in services grew markedly. Trade, transport, and accommodation increased by 2.8%, information and communication activities by 4.4%, and professional, scientific, technical and administrative activities by 5.9%, y-o-y.  

On the demand side, the influence of capital formation supported by household consumption growth is strengthening. The q-o-q GDP growth was pulled by household consumption (a third contribution) and investment activities (two thirds contribution). Y-o-y, contribution to the GDP growth was distributed more evenly and also external trade contributed to it.

Final consumption expenditure of households increased by 3.1%, y-o-y. The same as in the previous quarter, expenditure grew on durable and non-durable goods as well as services. Q‑o‑q, household consumption increased by 0.7%. Final consumption expenditure of general government increased by 2.5%, y-o-y; in the q-o-q comparison it was by 0.5%.

Investment activity significantly increased in the Q2 2015. Fixed capital formation was 5.9% up, y-o-y, and 3.5% up, q-o-q. The y-o-y growth of fixed capital was contributed to mainly by investments to buildings and structures, however, investments to machinery and equipment grew markedly as well. Change in inventories was influenced (the same as in previous quarters) mainly by growing inventories of materials and work in progress.

External trade balance at current prices was stable in the Q2 2015, y-o-y, thanks to improving balance of services. External demand thus still was an important factor of the GDP growth. Both exports and imports grew almost the same: by 7.0% and 7.1%, respectively, y-o-y. Exports grew as usually mainly thanks to transport equipment but also, for example, electrical equipment and rubber and plastics. On the contrary, imports growth was pulled especially by machinery and electrical equipment, sub-deliveries for the automotive industry or fabricated metal products and chemical products.   

Growing economic activity was positively reflected also in the labour market. In the Q2 2015, in terms of national accounts, 5 170 thousand persons were employed on average in the Czech Republic, which was a 1.4% growth, y-o-y, and 0.2%, 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.

 

Responsible head at the CZSO: Vladimír Kermiet, Director of the National Accounts Department, phone number (+420) 274 054 247,
e‑mail: vladimir.kermiet@czso.cz
Contact person: Tereza Košťáková, phone number (+420) 274 052 750,
e-mail: tereza.kostakova@czso.cz
Used data sources updated as at: 24 August 2015
Related CZSO web page: https://www.czso.cz/csu/czso/quarterly-national-accounts-gdp-resources-and-uses-and-gdp-preliminary-estimate
Next Release will be published on: 30 September 2015
(Quarterly Sector Accounts for the second quarter of 2015)

 

  •      ahdp082815.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: 28.08.2015
The data are valid as of the release date of the publication.


Contact: Information Services Unit - Headquarters, tel.: +420 274 056 789, email: infoservis@czso.cz