GDP preliminary estimate - 1 quarter 2014

According to the preliminary estimate, the gross domestic product adjusted for price, seasonal, and calendar effects increased in the Q1 2014 by 2.0%, year-on-year. It was mainly manufacturing, which contributed to that, as it profited from the last year low comparison basis and increasing domestic and foreign demand.

According to the preliminary estimate, in the Q1 2014 the gross domestic product (GDP) adjusted for price effects and seasonally adjusted ^*/ increased by 2.0%, year-on-year; compared to the Q4 2013 it remained unchanged.

It was of key importance for the positive development of the economy and GDP formation that manufacturing has gradually recovered; moreover, in the y-o-y comparison it profited from last year low comparison basis. Successful were especially manufacture of transport equipment, rubber and plastic products, and also other industries that were able to flexibly react on increasing domestic and foreign demand.
In the quarter-on-quarter comparison, the GDP did not increase due to significant drop in income from the excise tax on tobacco products resulting from stocking up in the end of 2013 on the account of the Q1 and Q2 2014.

On the expenditure side of the economy, the y-o-y growth of the total demand was contributed to mainly by the external trade; also final consumption expenditure and fixed capital formation increased. On the contrary, total inventories decreased, partially also in relation to gradual sale of stored tobacco 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: 12 May 2014
Related CZSO web page: /csu/czso/1-aktual-hdp
Next News Release will be published on: 4 June 2014 (GDP resources and uses for the Q1 2014)