Czech economy shrinks less in Q1

Figures

The Czech Republic's economic output shrank in the first three months of this year, following growth in the previous two quarters, amid a resurgence in the coronavirus pandemic.

Gross domestic product (GDP) decreased 0.3% quarter-on-quarter after a 0.6% increase in the fourth quarter of 2020, preliminary estimates from the Czech Statistical Office (CZSO) showed Friday.

In the first quarter of 2020, the economy shrank 3.1% as the coronavirus pandemic started impacting economic activity across the world. On a yearly basis, GDP fell 2.1% in the first quarter after a 4.8% fall in the previous three months.

The negative year-on-year development of GDP was influenced mainly by continuously decreasing final consumption expenditure of households, the Prague-based statistics agency said. Meanwhile, positive contribution came from the final consumption expenditure of general government and external demand. Employment grew 0.2% quarter-on-quarter and fell 1.6% from the sam e quarter last year. 

ADVERTISEMENT

Business confidence edges up as consumer sentiment weakens Analysis

Business confidence edges up as consumer sentiment weakens

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

Energy Efficiency: End-users, Energy Traders and Other Stake... Inside View

Energy Efficiency: End-users, Energy Traders and Other Stake...

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

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.