Quarterly GDP preliminary estimate - 2nd quarter of 2011

In Q2 2011, gross domestic product adjusted for price, seasonal and calendar effects increased by 2.4%, year-on-year (y-o-y), according to preliminary estimate; compared to Q1 2011 it increased by 0.2%. The growth is still owed to external trade (despite partial slowdown), while the opposite effect came from decrease of final consumption expenditure. Total employment increased by 0.7%, y-o-y, compared to Q1 2011 it remained unchanged.

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In Q2 2011, according to the preliminary estimate, gross domestic product (GDP) adjusted for price, seasonal and calendar effects ^/ ^* increased by 2.4%, y-o-y; compared to Q1 2011, it was by 0.2% higher.
The development of the demand side of the economy resulted, the same as in the five previous quarters, from two tendencies that had opposite effects. The stable source for the GDP growth is still external trade, however, its positive contribution to enhance the economy performance is gradually decreasing. On the contrary, GDP development is negatively influenced by household final consumption expenditure and, during this year, also of general government.
On the supply side of the economy, it was again manufacturing, which despite slowdown of y-o-y increment supported the growth of the economy in the most significant way. On the contrary, y-o-y drops of the gross value added at constant prices affected agriculture, market and non-market services.

Total employment in terms of national accounts increased by 0.7%, y-o-y (seasonally adjusted); it has remained almost unchanged since Q4 2010 and stabilised at 5.2 million employed persons.

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^*/ Unless otherwise stated, all data presented in this news release are adjusted for price, seasonal and calendar effects.

Notes:
Contact person: Jan Heller, phone (+420) 274 052 865, e-mail: jan.heller@czso.cz
The standard estimate of GDP formation and use for Q2 2011 will be published according to the Catalogue of Publications on 8 September 2011.