GDP Preliminary Estimate - 1st quarter of 2023

According to a preliminary estimate, the gross domestic product increased by 0.1%, quarter-on-quarter, in the Q1 2023. In the year-on-year comparison, it decreased by 0.2%.

The gross domestic product (GDP) adjusted for price effects and seasonally adjusted[1] increased in the Q1 2023, according to the preliminary estimate, by 0.1% compared to the previous quarter. When compared to the corresponding quarter of the previous year, it decreased by 0.2%.

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“Both the quarter-on-quarter and year-on-year development of the GDP were positively influenced mainly by an increasing external demand. On the other hand, a negative influence came from further decreasing final consumption expenditure of households. Also gross capital formation decreased; there was a year-on-year slump after a two-year period of growth,” Vladimír Kermiet, Director of the National Accounts Department of the Czech Statistical Office (CZSO), said.

The year-on-year growth of the gross value added was the most contributed to especially by industry and in the quarter-on-quarter comparison also by a group of economic activities of trade, transportation, and accommodation and food service activities. In the quarter-on-quarter comparison, also construction and information and communication were successful.

Employment[2] increased by 0.4%, quarter-on-quarter; compared to the corresponding quarter of the previous year, it increased by 1.4%.

[1] All data presented in this News Release are adjusted for seasonal and calendar effects.

[2] in terms of national accounts

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: 25 April 2023
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: 30 May 2023
(GDP resources and uses for the Q1 2023)