Czech Economy Contracts Less Than Estimated in Q3

Figures

The Czech Republic's economic output contracted less than initially estimated in the third quarter, latest figures from the Prague-based Czech Statistical Office (CZSO) showed on Friday.

Gross domestic product (GDP) decreased 0.2% sequentially in the third quarter, reversing a 0.4% expansion in the second quarter.

The September quarter figure was revised from the 0.4% decline reported initially on November 1. There was a 3.2% decline in final consumption expenditures by households, which contributed to the quarterly decline in domestic demand.

General government expenditure decreased 0.8%, and gross fixed capital formation slid 0.3%.

On the other hand, external demand had a positive influence in Q3.

Exports gained 4.7%, while imports rose at a slower rate of 2.7%. On a yearly basis, GDP growth eased to 1.7% in the third quarter from a revised 3.6% in the previous quarter. In the flash report, the rate of growth for the third quarter was 1.6%.

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