GDP Preliminary Estimate - 1. quarter of 2022

According to a preliminary estimate, the gross domestic product increased by 0.7%, quarter-on-quarter, in the Q1 2022. In the year-on-year comparison, it increased by 4.6%.

The Czech economy was successful in the beginning of 2022, too. The gross domestic product (GDP) adjusted for price effects and seasonally adjusted[1] increased in the Q1 2022, according to the preliminary estimate, by 0.7% compared to the previous quarter. When compared to the corresponding quarter of the previous year, it increased by 4.6%.

“The year-on-year increase of the GDP was positively contributed to mainly by final consumption expenditure of households and gross capital formation. On the other hand, a negative influence of external demand continued,” Vladimír Kermiet, Director of the National Accounts Department of the Czech Statistical Office (CZSO), said.

The quarter-on-quarter development was positively influenced mainly by gross fixed capital formation and an increase in the international trade balance.

As for the structure by economic activity, the year-on-year increase of the gross value added was supported the most by construction and a group of economic activities of trade, transportation, and accommodation and food service activities. Most of economic activities of services were successful, too.

Employment[2] remained unchanged, quarter-on-quarter; compared to the corresponding quarter of the previous year, it increased by 1.2%.

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: Jan Benedikt, Head of the Quarterly Estimates Unit, phone number: (+420) 274 052 750, e‑mail: jan.benedikt@czso.cz
Used data sources updated as at: 26 April 2022
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: 31 May 2022
(GDP resources and uses for the Q1 2022)