Czech Economy Stalls in Q2

Analysis

The Czech Republic's economy stagnated in the second quarter of 2023, compared to an earlier estimate indicating 0.1% growth and following an upwardly revised 0.1% rise in the previous quarter, data released by the Czech Statistical Office (CZSO) on Friday show.

Household consumption increased for the first time after six quarters, although only slightly (0.2% vs -1.3% in Q1).

Government spending also went up (0.4% vs 0.5%) while inventories decreased sharply (-5.8% vs -13.5%). Notably, fixed investment rebounded significantly (3.4% vs -0.4%), namely investments in transport equipment, ICT, and in other machinery and equipment.

Additionally, exports fell by 0.5% (vs 0.1% in Q1) whilst imports declined at a faster 1.2% (vs -1.4% in Q1).

Yearly figures revealed a 0.6% contraction in gross domestic product (GDP), diverging from the second estimate's 0.4% decrease and following a 0.4% decline in the previous period.

Alteo Units Win HUF 9.4 bln of EU Funding for Battery Storag... Green Energy

Alteo Units Win HUF 9.4 bln of EU Funding for Battery Storag...

Improving Competitiveness 'Top Priority' of EU Presidency - ... EU

Improving Competitiveness 'Top Priority' of EU Presidency - ...

Foreigners Employed in Hungary, Hungarians Working Abroad Ri... HR

Foreigners Employed in Hungary, Hungarians Working Abroad Ri...

Sziget Tops Slingo Music Festival Ranking In Budapest

Sziget Tops Slingo Music Festival Ranking

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.