National Accounts - 2nd quarter of 2010

GDP in Q2: +2.4%, y-o-y

08.09.2010
Code: r-5002-10
 




In Q2 2010 gross domestic product adjusted for price, seasonal and calendar effects increased by 2.4%, y‑o-y. On the contrary, total employment dropped by 1.0%. The GDP development was contributed to mainly by industries in manufacturing, transport and business services.


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Gross domestic product (GDP) adjusted for price, seasonal and calendar effects* , increased by 2.4% in Q2, y-o-y, and by 0.9% compared to the previous quarter. Preliminary estimate of the y-o-y GDP development published on 13 August was thus increased by 0.2 percentage point (p.p.).
 
The total GDP for the first half-year increased by 1.7%, y-o-y (the Q1 growth was refined to 1.0%). The higher y-o-y increment in the Q2 than in Q1 was partially due to the low comparable basis, because the bottom of the economy performance was namely in the Q2 2009.
 
Not adjusted for seasonal and calendar effects, the GDP in Q2 was by 3.0% higher, y-o-y; however, this growth benefited primarily from two more working days in comparison to Q2 2009.
 
On the supply side of the economy, in Q2 2010 mainly the following industries important as for their volume contributed to the y-o-y increase of the gross value added (GVA) in real terms by 2.7%: manufacturing (growth by 3.8%), energy (+7.7%), transport (+5.3%) and market services (+5.3%). On the contrary, by 4.4% lower GVA was generated in construction. Contribution of individual industries was influenced by low or in some cases, on the contrary, high comparable basis of the last year. 
 
Compared to the Q1 2010 GVA increased by 0.6%, from which in wholesale and retail trade by 7.6%, in construction by 5.7% and in financial and insurance activities by 3.8%. On the contrary, manufacturing generated by 2.7% lower GVA than in the Q1 2010.

Individual demand components showed rather different contributions to the GDP development in Q2 2010, the key role belonged instead of external trade to capital formation and within that the stock increase:
  • The total 0.9% increase of final consumption expenditure (comparing Q2 2010 to Q2 2009) contributed positively by 0.6 p.p. to the GDP growth. The surplus was preliminary owed to households with the y-o-y growth of expenditure by 0.8%.  
  • The y-o-y growth of gross capital formation by 6.7% contributed to GDP growth (+1.3 p.p.). The gross fixed capital formation was lower, y-o-y, by 4.3%; however, stocks (without adjustment for seasonal and calendar effects) increased during Q2 2010 in current prices by CZK 17.8 bn, while in the Q2 2009 dropped by CZK 8.0 bn.
  • Surplus of external trade in goods and services (CZK 36.5 bn in current prices) was by CZK 12.0 bn lower than in the corresponding quarter of 2009, partially due to a marked worsening of the terms of trade by 2.2 p.p. The real exports increased by 13.1%, while imports by 13.8%. Thus, external trade contributed to the GDP growth in the scope of 0.4 p. p.
 
In Q2 2010 gross domestic product at current prices increased by 1.2%, y-o-y, to CZK 914.7 bn.
 
The implicit deflator of GDP dropped by 1.2%, y-o-y, influenced above all by the terms of trade development in external trade. 
 
Total employment according to national accounts methodology (after seasonal adjustment) was lower in Q2 2010 by 1.0%, than in the Q2 2009.  Compared to Q1 2010, however, the total employment increased by 0.1% to 5 168 thousand persons.

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In Q2 2010 gross domestic product in EU 27 adjusted for seasonal effects was, by Eurostat estimate, 1.9% up, y-o-y. Among our key trade partners, GDP increased in Q2 2010 in Germany (+3.7%), Slovakia (+5.0%) and Poland (+3.8%).

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In compliance with the Catalogue of Publications, the GDP preliminary estimate for Q3 2010 will be released on 12 November.
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* Unless otherwise stated, all data presented in this news release are adjusted for price, seasonal and calendar effects 
 
Contact:  Jan Heller, phone (+420) 274 052 865, e-mail: jan.heller@czso.cz
Related time series: /csu/czso/hdp_ts
Selected tables: /csu/czso/selected-tables-of-quarterly-national-accounts-4th-quarter-of-2010-getx877701 



  • ahdp090810.doc

  • Annexes:
  • Table 1 Gross domestic product (in CZK million, indices)
  • Graph 1 Gross domestic product (year-on-year and quarter-on-quarter indices)
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Published: 08.09.2010
The data are valid as of the release date of the publication.


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