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Turkey's official annual GDP growth cools to 2% in 1Q
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Czech statisticians refined the growth of the country’s gross domestic product (GDP) to 2.2% year on year (chart) in the first quarter of this year, which is an improvement on the 2% preliminary estimate from last month.
It is the highest growth registered in three years, and the economy grew by 0.8% quarter on quarter, up on the 0.5% estimated in April.
“On the demand side, increasing final consumption expenditure of households and gross capital formation were the key factors of the q/q GDP growth” in Q1, commented Vladimír Kermiet of the Czech Statistical Office (CZSO).
He added that “a negative influence came from final consumption expenditure of general government,” and that “the influence of the international trade balance was neutral.”
The figures come after a series of cuts in the projections of Czech GDP growth this year, including by the EU (down to 1.9%), EBRD (1.6%) and the Czech Banking Association (1.7%), all expecting uncertainties in international trade to hit the export-oriented Czech economy.
However, some local analyst improved their projections following the Q1 results. “In the light of fresh details about the output of the Czech economy in Q1, we raise the estimate of GDP growth for this to 2.1%,” Generali Investments analyst Radomír Jáč was quoted as saying by Czech Television (CT).
Raiffeisenbank’s Martin Kron agreed that a 2% growth, expected prior to Donald Trump’s announcement on introducing new tariffs on imports to the US, is still realistic. However, Kron also warned that chaotic developments surrounding the implementation of tariffs could have “a negative impact on exporters and the willingness of companies to invest,” CT reported.
CZSO also reported that the gross value added (GVA) increased by 2.5% y/y and by 1.3% q/q and the q/q was contributed to mainly by industry which registered an increase by 1.6%, as did construction (+3.4%), information and communication (+2%), financial and insurance activities (+5.9%), while trade, transportation, accommodation and food service activities had a negative influence (-0.6%).
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