The gross domestic product (GDP) adjusted for price effects and seasonally adjusted[1] increased in 2022, according to the preliminary estimate, by 2.5% compared to 2021. The growth was supported by expenditure on gross capital formation and by external demand. On the other hand, final consumption expenditure of households had a negative influence. The growth of the gross value added (GVA) was mainly supported by manufacturing and a group of economic activities of trade, transportation, and accommodation and food service activities.

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“In the last quarter of 2022, the performance of the Czech economy decreased by 0.3%, quarter-on-quarter. Especially lower final consumption expenditure of households was the main reason,” Vladimír Kermiet, Director of the National Accounts Department of the Czech Statistical Office (CZSO), comments on the data.   

In the Q4 2022, the GDP increased by 0.4%, year-on-year. The year-on-year growth was mainly supported by expenditure on gross capital formation and by external demand. On the other hand, final consumption expenditure had a negative influence. On the gross value added formation side, in the year-on-year comparison, mainly industry was successful, whereas in a group of economic activities of trade, transportation, and accommodation and food service activities there was a decrease.  

Employment[2] increased by 1.8% in 2022. In the Q4 2022, employment decreased, quarter-on-quarter, by 0.3% and increased by 1.5% in the year-on-year comparison.