GDP Preliminary Estimate - 1. quarter of 2024

The gross domestic product (GDP) adjusted for price effects and seasonally adjusted[1] increased in the Q1 2024, according to the preliminary estimate, by 0.5% compared to the previous quarter. When compared to the corresponding quarter of the previous year, it increased by 0.4%.

The quarter-on-quarter growth of GDP was positively influenced by an increasing domestic demand, especially by higher final consumption expenditure of households and gross capital formation. External demand had a negative influence.

“The total final consumption expenditure and an increasing external trade balance contributed to the year-on-year growth. Conversely, a decrease in gross capital formation continued,” Vladimír Kermiet, Director of the National Accounts Department of the Czech Statistical Office (CZSO), informed.

The quarter-on-quarter development of the gross value added was positively influenced mainly by a group of economic activities of trade, transportation, and accommodation and food service activities. A decrease occurred in industry, construction was stagnating.

Employment[2] increased by 0.2%, quarter-on-quarter; compared to the corresponding quarter of the previous year, it increased by 0.4%.