GDP flash estimate - 1st quarter of 2012

In the Q1 2012, the gross domestic product adjusted for price, seasonal, and calendar effects decreased by 1.0%, both in the year-on-year and quarter-on-quarter comparison, according to the preliminary estimate.

In Q1 2012, according to the preliminary estimate based on partial statistical and administrative data sources, the gross domestic product (GDP) adjusted for price effects and seasonally adjusted ^*/ decreased by 1.0%, both in the y-o-y and q-o-q comparison.

The drop of GDP was to some extent a consequence of an extraordinary development of two otherwise relatively stable components. In financial and insurance activities, generation of the gross value added decreased both at pension funds and insurance companies. A fall of the second item, the excise tax on tobacco products was a consequence of stocking up in the Q4 2011 as a reaction to an increase of the tax rate in 2012; it was reflected mainly in the quarter-on-quarter comparison. The development of generation of the gross value added as well as the GDP was negatively influenced also by further fall of the value added in construction. The GDP at current prices increased by more than 2%, which was, however, absolutely eliminated by an increase of the total price level by 3.2%.

Total employment in terms of national accounts (seasonally adjusted) remained in the Q1 2012 basically unchanged both y-o-y and q-o-q.
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^*/ Unless otherwise stated, all data presented in this news release are adjusted for price, seasonal and calendar effects.

Contact person: Jan Heller, Director of the Quarterly National Accounts Department, phone (+420) 274 0 52 865, e-mail: jan.heller@czso.cz
Used data sources updated as at: 11 May 2012
Related CZSO web page: /csu/czso/1-aktual-hdp
Next News Release will be published on: 8 June 2012 (quarterly national accounts for the Q1 2012)