30.04.2024 GDP Preliminary Estimate - 1. quarter of 2024

According to a preliminary estimate, the gross domestic product increased by 0.5%, quarter-on-quarter, in the Q1 2024. In the year-on-year comparison, it increased by 0.4%.

The gross domestic product (GDP) adjusted for price effects and seasonally adjusted [1] increased in the Q1 2024, according to the preliminary estimate, by 0.5% compared to the previous quarter. When compared to the corresponding quarter of the previous year, it increased by 0.4%.

The quarter-on-quarter growth of GDP was positively influenced by an increasing domestic demand, especially by higher final consumption expenditure of households and gross capital formation. External demand had a negative influence.

“The total final consumption expenditure and an increasing external trade balance contributed to the year-on-year growth. Conversely, a decrease in gross capital formation continued,” Vladimír Kermiet, Director of the National Accounts Department of the Czech Statistical Office (CZSO), informed.

The quarter-on-quarter development of the gross value added was positively influenced mainly by a group of economic activities of trade, transportation, and accommodation and food service activities. A decrease occurred in industry, construction was stagnating.

Employment [2] increased by 0.2%, quarter-on-quarter; compared to the corresponding quarter of the previous year, it increased by 0.4%.

[1] All data presented in this news release are adjusted for seasonal and calendar effects.

[2] in terms of national accounts

Responsible head at the CZSO: Vladimír Kermiet, Director of the National Accounts Department, phone number: (+420) 274 054 247, e-mail: vladimir.kermiet@czso.cz
Contact person: Jan Benedikt, Head of the Quarterly Estimates Unit, phone number: (+420) 274 052 750, e-mail: jan.benedikt@czso.cz
Used data sources updated as at: 22 April 2024
Related CZSO web page: https://www.czso.cz/csu/czso/quarterly-national-accounts-gdp-resources-and-uses-and-gdp-preliminary-estimate
Next news release will be published on: 31 May 2024
(GDP resources and uses for the Q1 2024)

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