GDP up 1.6 % y/y.

Published: 05.12.2022 Related countries:  Czech Republic Czech Republic

(GDP) was down 0.4 % quarter-on-quarter in 3Q 2022.

Price-adjusted and seasonally adjusted gross domestic product (GDP) was down 0.4 % quarter-on-quarter in 3Q 2022. It was up 1.6 % year-on-year. This follows from the preliminary estimate of the Czech Statistical Office.

Director of the National Accounts Department, Vladimír Kermiet, said that the quarter-on-quarter decline was caused by lower domestic demand, especially lower household final consumption spending, which saw a drop for the fourth quarter in a row. Conversely, foreign demand had a positive effect. Employment was unchanged quarter-on-quarter and rose 2.0 % year-on-year.