GDP flash estimate - 2nd quarter of 2012

In the Q2 2012, the gross domestic product adjusted for price, seasonal , and calendar effects decreased by 1 . 2%, year-on-year, and by 0.2%, quarter-on-quarter, according to the preliminary estimate.

In the Q2 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 . 2%, y-o-y, and by 0.2%, q-o-q.

The reasons for the negative y-o-y development of the GDP generation in the Q2 2012 were different from those of the previous period. While in the Q1 2012 it was to a major extent the contribution of the preceding stocking up by tobacco products (with the impact on the relevant excise tax) and decrease of the value added generation in financial and insurance activities, in the Q2 2012 industry, which is the most important for its volume, stopped to be the source of enhancement of the economy performance. Although the industry slightly increased, y-o-y, however, it has not reached the level of the Q1 2012. In the y-o-y comparison, the value added generation further fell in construction; also trade and accommodation have not reached the results of the previous year. The total demand for the GDP, lower than that of the last year, was again strongly supported by the result of the external trade with goods, the active balance of which at current prices (CZK 48 billion) was by more than CZK 20 billion higher than a year ago. The domestic demand has not reached the level of the last year.

In the first half-year, the gross value added generated in total for all industries was on the level of the previous year; the lower GDP generation by approximately 1% was related to the decrease of taxes on products.

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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 number (+420) 274 052 865, e-mail: jan.heller@czso.cz
Used data sources updated as at: 1 0 August 2012
Related CZSO web page: www.czso.cz/csu/czso/1-aktual-hdp
Next News Release will be published on: 7 September 2012 (quarterly national accounts for the Q2 2012)