Czech Q4 GDP Shrinks More Than Initial Estimates
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The Czech Republic's economy shrank 0.4% quarter-on-quarter in the fourth quarter of 2022, higher compared to initial estimates and previous reading of a 0.3% fall, second estimates from the Prague-based Czech Statistical Office (CZSO) showed.
On a yearly basis, the GDP rose 0.2%, below the preliminary estimates of 0.4% and 1.5% growth in the previous period.
Private consumption decreased further (-2.8% vs -2.2% in Q3) amid surging prices and tight financing conditions; while fixed investments dropped (-1.1% vs 2.9%) due to lower investments of dwellings, buildings and transport equipment.
On the other hand, government spending increased sharply by 3.9% (vs -1.4%), boosted by the strong growth in individual expenditures. On net trade, exports slowed to a 12-month low of 0.5% (vs 5.1%), while imports showed no growth after a 3.7% advance in the third quarter.
For the whole of 2022, the country's economy expanded by 2.4%.
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