Significant contribution to the quarter-on-quarter GVA growth came from the manufacturing sector, which grew by 2.5%. Year-on-year. Households remain cautious about making significant expenditures on long-term consumer goods.
The Czech economy continued its modest
quarter-on-quarter and year-on-year growth in the third quarter. Gross domestic
product (GDP) increased by 1.3% year-on-year and by 0.4% quarter-on-quarter
during Q3 of this year.
This information was reported by the Czech
Statistical Office (ČSÚ).
"Czech economy growth was largely
driven by household consumption, particularly purchases of medium-term consumer
goods such as clothing, footwear, and kitchenware," stated the report.
"It seems that real wage growth has
boosted domestic demand. However, households remain cautious about making
significant expenditures on long-term consumer goods," emphasised Jaroslav
Sixta, Deputy Chairman of the Czech Statistical Office.
Foreign demand contributed little to the
year-on-year economic growth and even hindered a more substantial
quarter-on-quarter recovery.
Gross value added (GVA) increased by 0.8%
quarter-on-quarter and by 1.0% year-on-year in Q3. Positive contributions from
services, which benefited from the revival of domestic consumption, were
evident in both comparisons.
However, the most significant contribution
to the quarter-on-quarter GVA growth came from the manufacturing sector, which
grew by 2.5%. Year-on-year, though, the manufacturing industry still lagged
behind.
The year-on-year increase in consumer
prices slowed to 2.3% in Q3. Price growth for transportation, alcoholic
beverages, tobacco, and clothing and footwear was more moderate. Conversely,
the decline in food prices eased.
Quarter-on-quarter, consumer prices rose
by 0.5%. The year-on-year growth of both offer and realised housing prices
accelerated, while the decline in agricultural producer prices slowed.
The average gross monthly nominal wage of
employees rose by 7.0% year-on-year in Q3, reaching CZK 45,412. In real terms,
the average wage increased by 4.6%.
Quarter-on-quarter, the nominal average
wage grew by 1.9% in Q3. Overall employment stagnated quarter-on-quarter but
was 0.4% higher year-on-year, mainly thanks to the services sector.
Source:
https://www.byznysnoviny.cz/
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