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Czech economy grew 2.4 pct in Q2, says ČSU

  5:35

Czech GDP growth slowed in the second quarter to 2.4 pct y/y, the Czech Statistical Office (ČSU) said in a flash estimate Tuesday

Czech economic growth slowed in the second quarter, in line with market expectations, with gross domestic product (GDP) up 2.4 percent year on year (y/y) against a 2.8 percent y/y growth in the first quarter, the Czech Statistical Office (ČSU) said in a flash estimate published on Tuesday.

Adjusted for price, seasonal and calendar effects, GDP increased by 2.4 percent y/y according to preliminary estimate, “with the growth is still owed to external trade (despite a partial slowdown) while the opposite effect came from decrease of final consumption expenditure,” it said.

“The development of the demand side of the economy resulted, 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,” the ČSU said.“On the contrary, GDP development is negatively influenced by household final consumption expenditure and, during this year, also of general government.”

Detailed GDP data will be published on Sept 8. On a seasonally adjusted basis, GDP grew 0.2 percent from the previous three months.

Total employment in terms of national accounts increased by 0.7 percent y/y in the second quarter (seasonally adjusted), unchanged from Q1 2011, the ČSU said.

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