GDP preliminary estimate - 4th quarter of 2013

According to the preliminary estimate, the gross domestic product adjusted for price, seasonal, and calendar effects increased in the Q4 2013 by 0.8%, year-on-year; in the quarter-on-quarter comparison it was by 1.6%.

In the Q4 2013 the gross domestic product (GDP) adjusted for price effects and seasonally adjusted ^*/ increased in the year-on-year (+0.8%) and in the quarter-on-quarter (+1.6%) comparison, according to the preliminary estimate. In the total for 2013, the GDP was by 1.1% lower compared to 2012.

On the expenditure side of the economy, the y-o-y growth of the total demand in the Q4 2013 was contributed to mainly by the fixed capital formation and, within that, especially investments in transport equipment and machinery and equipment. Final consumption expenditure of households and the general government sector remained roughly on the level of Q4 2012. In external trade, exports of goods increased markedly by 4.8%; however, imports of goods developed similarly with its 4.5% increase. Contribution of the external trade to the increase of the overall demand was thus only slight.

On the supply side of the economy, the gross value added generation increased, y-o-y, mainly in the following CZ-NACE activities: manufacturing, energy, financial and insurance activities. On the contrary, construction, agriculture, trade, transport, and most of activities of services have not reached the level of the previous year. Both the y-o-y and q-o-q GDP growth were contributed to by the development of taxes on products, especially excise tax on tobacco products and alcohol.

The y-o-y GDP drop by 1.1% for 2013 was mainly a consequence of the weak demand for investment goods and partially also due to a decrease in the positive balance of the external trade. The final consumption expenditure remained roughly on the level of 2012.
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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 numbe r: (+420) 274 052 865, e-mail: jan.heller@czso.cz
Used data sources updated as at: 12 February 2014
Related CZSO web page: /csu/czso/1-aktual-hdp
Next News Release will be published on: 6 March 2014 (GDP resources and uses for the Q4 2013)