Czech economy increases by 0.3% y/y in Q1 after refinement

Czech economy increases by 0.3% y/y in Q1 after refinement

Latest adjusted figures show a slight uptick in Czechia's economy for Q1 2024 / bne IntelliNews

By bne IntelliNews July 2, 2024

Czech gross domestic product (GDP) increased by 0.3% year on year in the first quarter of this year, according to the refinement published by the Czech Statistical Office (CZSO).

CZSO also lowered the quarter-on-quarter growth in Q1 from 0.3% to 0.2%. The previous adjustment published in June put the y/y growth at 0.2%, which was a lower estimate on the 0.4% y/y growth published in May.

“Recovery of the economy was more sleepy in the first months of this year,” an analyst at Cyrrus Consulting, Vit Hradil, was quoted as saying by Czech Press Agency (CTK), pointing out that household consumption increased only by 0.7% q/q instead of the previous 1%.

CZSO also reviewed GDP figures since 1990 and adjusted figures for the years 2021, 2022 and 2023. Czech GDP now dropped by 0.1% in 2023, increased by 2.8% in 2022 and by 4% in 2021 – all improvements on previous figures. Only the revisions for the years 2006 and 2009 registered worsened figures.

The revisions are EU-coordinated, and similar revisions took place also in 2014 and 2020.

Jana Steckerova, analyst at Societe Generale’s Czech branch, Komercni banka, told CTK that revisions put the Czech economy above the pre-pandemic level and that it now reached the pre-pandemic level in Q2, 2022 and has stayed above it since then.

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