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Hungarian economy faces weak growth, slow path to price stability, central bank report shows
8 hours ago
Czech gross domestic product (GDP) increased by 2.4% year on year (chart) and by 0.7% quarter on quarter in the first quarter of this year, following a revision by the Czech Statistical Office (CZSO) on the previously published 2.2% y/y and 0.8% q/q.
It is the best y/y development since Q2 2022. Statisticians highlighted that the growth was driven by household consumption and government institutions’ investments, while a negative influence came from foreign trade.
“In the first quarter, there was a slight improvement in the financial situation of households – both their income and consumption expenditure increased in real terms,” commented Vladimír Kermiet of CZSO.
He added that “real income from employment rose further, with a y/y growth of 2.8%,” and that “although the saving rate declined, it remains above average compared to previous years.”
The total of monetary and non-monetary income of households increased in real terms by 0.3% q/q, and the real consumption per capita also registered an increase by 0.3% q/q. The saving rate dropped by 1.5 percentage point, and the investment rate of non-financial corporations dropped by 1.7 pp q/q, statisticians summed up.
Analysts surveyed by the Czech Press Agency expect the country’s economy to grow by an average of 2% this year, and expect household consumption to remain the key driver of the growth.
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