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Growth of GDP slowing down to 4.5%
20
Aug '08
The slowdown of domestic economic growth measured by growth of gross domestic product, which was indicated in the previous quarter, has been borne out by figures for Q2 2008. According to a preliminary estimate based on partial information, real GDP (adjusted for seasonal and working day effects) increased by 0.9% in comparison to Q1 2008 and by 4.5% compared to Q2 2007.

Not seasonally adjusted (NSA) GDP grew by 4.3% year-on-year. At the same time, based on updated statistical and administrative data, GDP estimate for Q1 2008 was revised down from 5.3% to 5.1%.

There were more underlying causes of the GDP slowdown. Besides the low economic growth in the countries of the main trading partners, the factors were especially the high comparative basis of Q2 2007, strong appreciation of CZK against USD and EUR which, together with decreasing terms of trade, had an impact on economic activities of the business sector, and the moderate slowdown of final household consumption expenditure due to the trend of consumer prices.

The source of GDP growth in Q2 2008 was in particular a considerably stronger external demand than supply which resulted in a high trade balance surplus in goods and services.

Growth of employment was among the contributors to increasing economic performance. An estimate using the results of the Labour Force Sample Survey in combination with currently available administrative data suggests that seasonally adjusted total employment grew by 0.4% in comparison to Q1 2008 and by 1.8% compared to Q2 2007. Also NSA employment rose by 1.8% year-on-year.

The year-on-year changes varied from one price group to another in Q2 2008. However, the different price movements of selected commodities, marked growth of consumer prices and considerable decrease of most import and especially export prices did more or less offset each other, so that the overall price level expressed by GDP deflator increased by 1.7%; gross value added deflator grew by only 1.0%.

Czech Republic Statistical Office

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