GDP flash estimate - 3rd quarter of 2012

GDP further dropped in the third quarter of 2012

In the Q3 2012 the gross domestic product adjusted for price, seasonal, and calendar effects decreased by 1.5%, year-on-year, and by 0.3%, quarter-on-quarter, according to the preliminary estimate.

In the Q3 2012 the gross domestic product (GDP) adjusted for price effects and seasonally adjusted ^*/ decreased by 1.5%, y-o-y, and by 0.3%, q-o-q according to the preliminary estimate based on partial statistical and administrative data sources.

The reason for the deepening decline in the GDP in the Q3 2012 was, first of all, the gradually weakening domestic demand, especially decreasing investments in structures, machinery equipment, and transport equipment. A descending trend, however, was found in consumer expenditure of households as well. Yet surpluses of external trade were not able to compensate the falling domestic consumption the same way as in the first half of 2012.

A decline in the total demand brought an impact on the development of the formation of the gross value added by industry. Besides the gradually falling construction output due to a lack of orders of important financial volume, the crucial segment of the economy, industry, was also affected by the negative trend in the demand. The total decline in the manufacturing production was caused not only by volume significant manufacture of machinery as productions of manufacture of transport equipment and manufacture of machinery and equipment, yet also by manufacture of food products, manufacture of wood and paper products, and by other industries.

In total over Q1 thorough Q3 2012 the gross domestic product fell by approximately 1% yet the total price level was by 1.3% higher than that in the same period of the previous year.
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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 D epartment, phone number (+420) 274 052 865, e-mail: jan.heller@czso.cz
Used data sources updated as at: 13 November 2012
Related CZSO web page: /csu/czso/1-aktual-hdp
Next News Release will be published on: 7 December 2012 (quarterly national accounts for the Q3 2012)

Published: 14.11.2012
The data are valid as of the release date of the publication.