Czech GDP fell 0.6% y/y in Q2, according to refined estimate
Czech gross domestic product (GDP) stagnated in the second quarter of 2023 quarter-on-quarter and decreased by 0.6% year-on-year, according to the refined estimate released by the Czech Statistical Office (CZSO).
This is 0.2 percentage points worse y-o-y and 0.1 pp worse q-o-q than the refined GDP figures released by CZSO at the end of August. It is identical to the y-o-y drop released in the first estimated figures in July.
CZSO also released data on household income and consumption, profit rate and the investment rate of non-financial corporations.
“The total of real monetary and non-monetary income of households per capita decreased in the Q2 2023 by 0.2% q-o-q, and by 4.1% y-o-y,” commented Vladimir Kermiet, Director of the National Accounts Department at CZSO. He added the development was “again related to the continuing price growth”.
Household real consumption per capita increased by 0.3% q-o-q and decreased by 7.3% y-o-y.
The average monthly income from employment was CZK44,269 in Q2 2023. It increased in real terms by 0.5% q-o-q and decreased by 2.4% y-o-y.
The household saving rate was 18.8%, up by 1.8 pp q-o-q and by 2.9 pp more y-o-y. The household investment rate was 7.2%, dropping by 0.2 pp q-o-q and by 1 pp y-o-y.
The profit rate of non-financial corporations was 49%, up by 0.4 pp q-o-q and by 2.1 pp y-o-y. The total labour costs of non-financial corporations increased by 7.9% y-o-y, and the investment rate was 28.1%, up by 0.5 pp q-o-q and down by 1.5 pp y-o-y.
Russian service providers recorded a modest expansion in business activity during November, according to the latest PMI survey from S&P Global, but the rate of growth slowed somewhat from October.
Largest number of jobs created in construction, IT&C and hospitality sectors.
Czechia remains the only EU country not to have recovered its pre-pandemic level of output.
Independent group ENAG calculates 129% y/y.
Hungary’s economy grew 0.9% quarter-on-quarter in the third quarter, after four consecutive months of contraction.
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