GDP preliminary estimate - 4 quarter 2014

According to the preliminary estimate the gross domestic product increased in the Q4 2014 by 1.3%, year-on-year (y-o-y) and by 0.2% if compared quarter-on-quarter. In 2014 the GDP grew by 2.0%.

According to the preliminary estimate, in the Q4 2014 the gross domestic product (GDP), adjusted for price effects and seasonally adjusted^*/ , increased by 1.3%, year-on-year; compared to that in the Q3 2014 it grew by 0.2%.
The gross value added increased by 2.4%, y-o-y; in the quarter-on-quarter comparison the growth pace was comparable to that of the previous quarter. The growth was driven in a significant manner by manufacturing, namely manufacture of motor vehicles, trailers and semi-trailers and manufacture of machinery and equipment. The year-on-year slowdown of the GDP growth was caused by a higher comparison basis and, mainly, by high revenues from the excise tax on tobacco products collected at the end of 2013 due to pre-stocking, which did not happen again in 2014.

The year-on-year growth of the GDP by 2.0% in 2014 was driven namely by foreign demand. The growth was also contributed in a significant manner by domestic demand for investment goods and final consumption of households.

In the Q4 2014 employment, in the view of national accounts, increased by 0.8%, y-o-y and by 0.4%, quarter-on-quarter. Compared to that of the previous year employment in 2014 was by 0.4% higher.
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^*/ Unless otherwise stated, all data presented in this News Release are adjusted for price, seasonal, and calendar effects.

Contact person: Vladimír Kermiet, Director of the National Accounts Department, phone number: (+420) 274 054 274, e-mail: vladimir.kermiet@czso.cz
Used data sources updated as at: 10 February 2015
Related CZSO web page: www.czso.cz/csu/csu.nsf/engkalendar/aktual- hdp
Next News Release will be published on: 27 February 2015 (GDP Resources and Uses for the Q4 2014)