The figures are better than in the first estimate from the end of July, according to which gross domestic product (GDP) increased year-on-year by 2.4 percent and, compared to the previous quarter, rose by 0.2 percent.

The year-on-year GDP growth was the fastest in the past three years. It was supported by higher final consumption expenditure and changes in inventories. A negative impact came from gross fixed capital formation and a year-on-year lower surplus in foreign trade.

Final consumption expenditure grew by 1.1 percent quarter-on-quarter and by 3.1 percent year-on-year. For households, it rose by 3.4 percent compared to last year, and for government institutions by 2.2 percent. “The change in inventories amounted to plus 36.7 billion crowns, which was 27.2 billion crowns more than in the same quarter of the previous year,” stated the Czech Statistical Office (ČSÚ).

Gross fixed capital formation increased by half a percent quarter-on-quarter, but declined by 0.2 percent year-on-year.

Gross value added in the second quarter rose by half a percent quarter-on-quarter and by 2.8 percent year-on-year. Quarter-on-quarter growth was supported by trade, transport, accommodation, and food services, with industry and construction also contributing positively.

 Source: e15.cz

Prepared by the CzechTrade Hungary team.