The Czech Republic's service sector saw a 2.5% year-on-year revenue increase in the second quarter of 2023, building on a 1% rise in the first quarter, according to the Czech Statistical Office (ČSÚ). Growth was observed across all service sectors from April to June, with transportation and storage leading the way.

Quarterly, revenues rose by 0.4%, indicating a strong and consistent recovery. This upward trend began in early 2023, signalling a potential long-term recovery for the sector.As the service sector continues to perform well, it is expected to have a favourable impact on the Czech economy. Growth in various service industries could lead to more job creation, increased consumer spending, and enhanced economic stability.

Source: Czech Daily

Prepared by the CzechTrade London team.