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» Czech Economy Growing Faster Than Expected
2015-06-10
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Czech Economy Growing Faster Than Expected
2015-06-10
source own
The GDP of Czech Republic grewin the 1st quarter of 2015 by 4.2%, compared to the same quarter in 2014 (year-on-year), this was an increase of 0.3 % points over what was expected from previous introductory estimations.
The current estimation affirmed that the development of the overall economy of the Czech Republic at the beginning of 2015 significantly accelerated. In comparison to the Q4 2014, the GDP improved at a continuous pace by 3.1%.
The positive economic growth was demonstrated throughout the rest of the Czech economy. Manufacturing improved by 6.8%, y-o-y, by 3.7% in comparison with the Q4 2014. The y-o-y growth in construction was 2.6%. Also, the majority of the branches of services expanded in the y-o-y comparison.
On the demand side, the GDP expansion was due to both domestic and foreign factors. The pattern of increase for the domestic demand that began in 2014 carried on also in the Q1 2015, and clearly overcame the effect of the overseas demand. In addition, growing household consumption added significantly to the GDP growth, and investment activities were reinforced by the formation of inventories associated with manufacturing activities. External trade contribution has been reduced; but it was still positive.
In addition, better economic growth was favorably reflected in the labor market. In the Q1 2015, when it comes to national accounts, 158 000 individuals were hired in the Czech Republic, which was a 1.1% growth, y-o-y.
The Czech Republic was positioned 29th in the competitiveness ranking released by the IMD business school in Switzerland. This renowned organization regularly evaluates 61 nations. The Czech Republic climbed 4 positions since the last ranking was issued.
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