Quarterly National Accounts - 3rd quarter 2013
GDP dropped by 1.2%, y-o-y
Year-on-year drop of the gross domestic product in the third quarter has been refined from original 1.3% to 1.2%. The negative development of GDP was a consequence of decreasing investment activity and weak foreign demand.
In the Q3 2013, the gross domestic product (GDP) adjusted for price effects and seasonally adjusted */ decreased according to the updated estimate (for which all data sources routinely used were already available) by 1.2%, year-on-year (originally by 1.3%). The GDP was by 0.2% higher, on the contrary, compared to the Q2 2013.
At the same time, an estimate of the y-o-y drop of GDP in the Q1 has been refined from 2.4% to 2.3% and in the Q2 2013 from 1.5% to 1.7%. In the q-o-q comparison, after the decrease in the Q1 by 1.3% the GDP increased in the Q2 by 0.3% and in the Q3 by 0.2%.
Demand components
The final consumption expenditure increased in the Q3 by 0.7%, y-o-y, namely due to consumption of general government institutions, which was by 2.5% higher compared year-on-year. In households, final consumption expenditure in total stagnated and compared to that in the Q2 2013 decreased by 0.7%. Compared to the previous year, consumers were buying more semi-durable and durable goods, while expenditure on services and non-durable goods decreased.
The total capital formation decreased by 1.2%, y-o-y. The relatively insignificant decrease was a consequence of unusually high growth of inventories, which increased by over CZK 16 billion (at seasonally non-adjusted current prices), while in the Q3 2012 it was only by CZK 7.3 billion. Fixed capital formation was markedly lower by 5.3%, y-o-y; however, in the q-o-q comparison it dropped only slightly by 0.4%. Especially investments in buildings and structures contributed to the decrease.
The external trade development was unfavourable as for its contribution to the formation of the total demand. While imports of goods and services grew by 2.3%, y-o-y, exports were higher than a year ago only by 0.3%. The positive balance thus decreased by 21.1%, y-o-y.
Structure of the supply
The gross value added (GVA) formation decreased both year-on-year (-1.1%) and quarter-on-quarter (-0.4%). The overall drop was contributed to especially by construction, mining and quarrying, transportation, and selected activities of services (real estate activities, information and communication, and professional, scientific and technical activities). On the contrary, financial and insurance activities generated by 12.1% GVA more than in the corresponding period of the previous year. Selected activities of manufacturing, namely manufacture of motor vehicles, other activities of manufacture of machinery and manufacture of rubber and plastic products, also prospered. Manufacturing in total formed the GVA roughly at the level of the previous quarter; however, it was by 1.1% less than a year ago.
Taxes on products influenced the GDP development only slightly, unlike in the Q1 and Q2 of 2013. In the Q3, the GDP (unlike in the first half-year of 2013) was not negatively influenced any more by a low rate of the excise tax on tobacco products as a result of pre-stocking in the end of 2012.
Employment
In the Czech Republic, 5 119 thousand persons were employed in average (in the national accounts approach), which was by 0.7% more than in the previous year; however, it was by 0.4% less than in the Q2 2013.
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*/ Unless otherwise stated, all data presented in this News Release are adjusted for price, seasonal, and calendar effects.
Contact person: Jan Heller, Director of the Quarterly National Accounts Department, phone number (+420) 274 052 865 , e-mail: jan.heller@czso.cz
Used data sources updated as at: 6 January 2014
Related CZSO web page: /csu/czso/1-aktual-hdp
Next News Release will be published on: 14 February 2014 (GDP preliminary estimate for the Q4 2013)
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Published: 09.01.2014
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
