Quarterly GDP preliminary estimate - 1st quarter of 2011

GDP up by 2.5% in Q1 2011, y-o-y

In Q1 2011, gross domestic product adjusted for price, seasonal and calendar effects increased by 2.5%, year-on-year (y-o-y); compared to Q4 2010 it increased by 0.6%. Total employment increased by 0.8%, y-o-y, compared to Q4 2010 it remained unchanged.

In Q1 2011, according to the preliminary estimate, real GDP (adjusted for seasonal and working day effects) increased by 2.5% in comparison to Q1 2010. Compared to Q4 2010, GDP was by 0.6% higher.
The key role in the continuing economic recovery belonged still to manufacturing with the growth of the gross value added formation by more than ten percent, y-o-y. On the contrary, some industries of non-market services (due to budget restrictions) have not reached the Q1 2010 level. Y-o-y decrease in the real gross value added formation affected also construction and agriculture.
The development of expenditure components was much differentiated in the y-o-y expression. Positive were: especially growth of exports exceeding that of imports and, partially, also growth of fixed capital formation. Final consumption expenditure of general government was, on the contrary, lower than in Q1 2010.
Without adjustment for working day effect, GDP in Q1 2011 increased by 2.8%, y-o-y.

Total employment in terms of national accounts increased by 0.8% (seasonally adjusted), y-o-y, i.e. almost by 40 thousand persons. It was mainly owed to manufacturing, in which the growth in the number of the employed persons exceeded one percent. Compared to Q4 2010, however, the total employment remained unchanged.
The standard estimate of GDP formation and use will be published on 9 June 2011.

---

Contact: Jan Heller, phone (+420) 274 052 865, e-mail: jan.heller@czso.cz

Published: 13.05.2011
The data are valid as of the release date of the publication.