In 2Q 2019 the GDP of the Czech Republic grew 2.7 % y/y. Especially services fared well and relatively strong growth of gross value added (GVA) was seen in the case of trade, transport, accommodation and restaurants (3.8 %). The chairman of the Czech Statistical Office (ČSÚ), Marek Rojíček, stated that the economy was primarily aided by consumption, of both households and government institutions. GDP also grew thanks to a major increase in the foreign trade surplus. Conversely, in the case of investments ČSÚ saw a slowdown in growth. Overall employment grew 0.8 % y/y, the lowest growth since 2014. The real dynamic of the average salary reached 4.3 %. The growth of consumer prices accelerated to 2.8 %.
Prepared by the team of foreign office CzechTrade Chicago