Czech Economy Stalls in Q2
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.
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