The Czech economy slowed down in the second quarter to 2.4 percent from 4.1 percent in the first quarter. The Czech Statistical Office (CZSO) published a revised estimate Tuesday. GDP growth rates remained the same as in the end-August estimate for the second quarter, but the statistics declined by one tenth of a percentage point in Q1 growth. Gross domestic product grew by 0.7 percent quarter on quarter.
In contrary the average monthly income from employment was 32.878 CZK in the second quarter, compared to the previous quarter, it actually increased by 1.8 percent, a year-on-year increase of six percent. From a regional point of view, year-on-year GDP growth in the second quarter, according to the portfolio manager of NN Investment Partners Michal Špaček, is slightly higher than in neighbouring countries In Germany the GDP has grown just by 2.3 percent. At the same time, he pointed out that the growth of the Czech economy is lower than in Poland (5.1%), Hungary (4.8%), Slovakia (4.2%) or the USA (4.1%).