The Czech economy expanded by 2.0% year-on-year in the second quarter of this year. Compared with the previous quarter, gross domestic product (GDP) increased by 0.4%, according to the preliminary estimate released today by the Czech Statistical Office (CZSO). The figures are broadly in line with analysts' expectations.

According to Vladimír Kermiet, Director of the National Accounts Department at the CZSO, the year-on-year GDP growth was primarily driven by higher household final consumption expenditure and strengthening foreign demand. Quarter-on-quarter growth was supported by rising final consumption expenditure and a positive balance of foreign trade.

According to the CZSO, the largest contribution to the year-on-year increase in gross value added (GVA)—the difference between the value of goods and services produced and the costs of production—came from manufacturing, as well as the sectors of trade, transport, accommodation and food services, and information and communication activities.

Employment increased by 0.9% compared with the second quarter of last year and was 0.2% higher than in the first quarter of this year.

Source: e15
Prepared by the team of foreign office CzechTrade South Korea (Seoul)