GDP preliminary estimate - 2nd quarter of 2013

Q-o-q GDP growth by 0.7%

In the Q2 2013 the gross domestic product adjusted for price, seasonal, and calendar effects decreased by 1.2%, year-on-year; however, in the quarter-on-quarter comparison it was by 0.7% higher, according to the preliminary estimate.

In the Q2 2013 the gross domestic product (GDP) adjusted for price effects and seasonally adjusted ^*/ decreased by 1.2%, y-o-y, while in the q-o-q comparison it grew by 0.7%, according to the preliminary estimate. Currently available statistical and administrative data sources thus indicate that the economy of the Czech Republic grew for the first time again compared to the previous quarter (after six continual quarter-on-quarter GDP decreases, which totalled 3.1%). In the total for the first half-year of 2013, the GDP decreased by 1.8%, y-o-y; the estimate for the Q1 2013 (-2.4%) has not been revised.

Partial y-o-y recovery of the total demand, compared to the Q1 2013, was mainly owing to the positive contribution of the external trade (the exports of goods in the current quarter grew by 1.4%, y-o-y, while imports only by 0.3%). On the contrary, the total investment activity represented by the gross fixed capital formation was further decreasing. The final consumption expenditure of households was also below the level of the last year as indicated by monthly statistical data on the development of sales in retail trade. General government expenditure remained almost unchanged, y-o-y.

The development of supply broken down by CZ-NACE activity remained to be influenced by weak domestic demand mainly for consumer and investment goods. Therefore, the value added formation continued to drop in the domestic trade, construction, and industrial branches oriented on investments. Also agriculture recorded drop due to unfavourable climatic conditions. On the other hand, positive results were reached by financial and insurance activities.
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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 Acco unts Department, phone number: (+420) 274 052 865, e-mail: jan.heller@czso.cz
Used data sources updated as at: 12 August 2013
Related CZSO web page: /csu/czso/1-aktual-hdp
Next News Release will be published on: 3 September 2013 (national accounts for the Q2 2013)

Published: 14.08.2013
The data are valid as of the release date of the publication.