The Czech economy was successful in the beginning of 2022, too. The gross domestic product (GDP) adjusted for price effects and seasonally adjusted[1] increased in the Q1 2022, according to the preliminary estimate, by 0.7% compared to the previous quarter. When compared to the corresponding quarter of the previous year, it increased by 4.6%.

“The year-on-year increase of the GDP was positively contributed to mainly by final consumption expenditure of households and gross capital formation. On the other hand, a negative influence of external demand continued,” Vladimír Kermiet, Director of the National Accounts Department of the Czech Statistical Office (CZSO), said.

The quarter-on-quarter development was positively influenced mainly by gross fixed capital formation and an increase in the international trade balance.

As for the structure by economic activity, the year-on-year increase of the gross value added was supported the most by construction and a group of economic activities of trade, transportation, and accommodation and food service activities. Most of economic activities of services were successful, too.

Employment[2] remained unchanged, quarter-on-quarter; compared to the corresponding quarter of the previous year, it increased by 1.2%.