GDP resources and uses - 3 quarter 2014

GDP increased in the Q3 2014 by 2.4%, y-o-y

28.11.2014
Code: 050056-14
 




The gross domestic product in the third quarter increased by 2.4%, year-on-year (y-o-y).

According to the refined estimate, the gross domestic product (GDP) adjusted for price effects and seasonally adjusted */ increased by 2.4%, y-o-y, in the Q3 2014; in the quarter-on-quarter (q-o-q) comparison it increased by 0.4%.

The overall performance of the economy of the CR increased by 0.4% in the Q3 2014, q-o-q. Final consumption expenditure remained unchanged, q-o-q; however, household expenditure increased by 0.4% and general government expenditure dropped by 0.7%. Gross capital formation increased more markedly, by 1.8%. Slow deceleration was reported by exports, which dropped by 1.1%.

Demand components

The final consumption expenditure increased by 1.2%, y-o-y. Compared to the previous quarter, the expenditure remained unchanged. In households, final consumption expenditure increased by 1.5%, y-o-y. The highest contribution to household consumption growth was owing to expenditure on durable goods, especially transport equipment.

The capital formation increased by 7.1%, y-o-y, and it was the most important growth factor for the second successive quarter. Fixed capital formation was 3.9% up, y-o-y, and 0.3% up, q-o-q. The y-o-y growth of fixed capital was contributed to mainly by investments to machinery and equipment, other buildings and structures. Formation of inventories, which was growing again in the Q3, consisted mainly in growth of inventories of materials.

Imports increased by 6.9%, y-o-y, while exports only by 6.1%. Positive balance at current prices increased in the Q3 2014 by CZK 16.6 bn, y-o-y, to CZK 71.2 bn.

Structure of the supply

The gross value added (GVA) increased by 2.7%, y-o-y; in manufacturing it was by 6.9%, in construction by 2.5%, in information and communication by 5.8%. Also agriculture recorded growth as it benefited from above-average harvest. On the contrary, a downward trend was confirmed in financial activities, namely due to negative development in insurance activities. In the q-o-q comparison, the GVA increased by 0.4%.

Employment

In the Czech Republic, in terms of national accounts, 5 104 thousand persons were employed on average in the Q3 2014, which was by 0.5% more, y-o-y.
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*/ Unless otherwise stated, all data presented in this news release are adjusted for price, seasonal, and calendar effects.


Contact person: Vladimír Kermiet, Director of the National Accounts Department, phone number (+420) 274 054 247, e-mail: vladimir.kermiet@czso.cz
Used data sources updated as at: 25 November 2014
Related CZSO web page: www.czso.cz/csu/czso/1-aktual-hdp
Next Release will be published on: 9 January 2015 (Quarterly National Accounts for the third quarter of 2014)



  • ahdp112814.docx

  • Annexes:
  • Table 1 Gross domestic product (in CZK million, indices)
  • Graph 1 GDP and GVA Development at Constant prices, y-o-y indices, seasonally adjusted
  • Graph 2 GDP and GVA Development at Constant prices, q-o-q indices, seasonally adjusted
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Published: 28.11.2014
The data are valid as of the release date of the publication.


Contact: Information Services Unit - Headquarters, tel.: +420 274 056 789, email: infoservis@czso.cz