Czech economy shrinks less in Q1

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.

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