According to a preliminary estimate from the Czech Statistical Office (ČSÚ), Czechia's gross domestic product (GDP) witnessed a quarter-on-quarter growth of 0.1 percent in the first quarter of 2023. However, when compared to the same period in 2022, it experienced a decline of 0.2 percent. This marks the first year-on-year contraction since the first quarter of 2021.

The growth of gross value added (GVA), which measures the value of goods and services produced, was primarily driven by the industrial sector in the year-on-year comparison. In the quarter-on-quarter analysis, economic activities in trade, transportation, accommodation, and food service also contributed positively. The construction and information/communications sectors also performed well.

Economists and analysts concur that Czechia can anticipate an economic recovery later in the year. Česká spořitelna's analysts predict a 0.2 percent increase in GDP for the entire year, while Gürtler from Komerční banka anticipates a growth of 0.6 percent. In 2022, GDP witnessed a 2.5 percent increase for the entire year.

Presented by the team of employees of CzechTrade Austin, USA.
Source: www.seznamzpravy.cz