GDP preliminary estimate - 1st quarter of 2015

According to the preliminary estimate, the gross domestic product increased in the Q1 2015 by 3.9%, year-on-year; compared to the Q4 2014 it was 2.8% up.

In the beginning of 2015, the growth of the Czech economy has markedly accelerated. According to the preliminary estimate, the gross domestic product (GDP) adjusted for price effects and seasonally adjusted^*) increased in the Q1 2015 by 3.9%, year-on-year and compared to the Q4 2014 it increased by 2.8%.

The gross value added (GVA) increased by 3.9%, y-o-y, and by 1.7%, q-o-q. The different development of the quarter-on-quarter GDP and GVA growth was influenced mainly by modifications in legislation in the area of excise taxes on tobacco products, which influenced the GDP growth in the Q4 2014 negatively, while in the Q1 2015 they had a positive influence.

Continuing development of almost all industries of manufacturing, especially manufacture of motor vehicles and other transport equipment and also machinery and equipment were of key importance for favourable development of the Czech economy.

The positive economic development was reflected also on the labour market. Employment in terms of national accounts increased by 1.1%, y-o-y, in the Q1 2015 and by 0.7% in the q‑o-q comparison, which is the highest growth since the beginning of 2008.

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^*) Unless otherwise stated, all data presented in this News Release are adjusted for price, seasonal, and calendar effects.

Responsible head at the CZSO: Vladimír Kermiet, Director of the National Accounts Department, phone number: (+420) 274 054 247, e-mail: vladimir.kermiet@czso.cz
Contact person: Tereza Košťáková, phone number: (+420) 274 052 750, e-mail: tereza.kostakova@czso.cz
Used data sources updated as at: 12 May 2015
Related CZSO web page: https://www.czso.cz/csu/czso/quarterly-national-accounts-gdp-resources-and-uses-and-gdp-preliminary-estimate
Next News Release will be published on: 29 May 2015 (GDP resources and uses for the Q1 2015)