According to preliminary estimates from the Czech Statistical Office, the gross domestic product (GDP) grew by 0.3% in the third quarter of 2024 compared to the previous quarter and by 1.3% year-over-year.
GDP growth compared to the previous quarter was largely supported by rising domestic demand, while foreign demand stagnated. Vladimír Kermiet, Director of the National Accounts Department at the Czech Statistical Office, explained: “The year-on-year growth of the economy was mainly driven by consumer spending by private households, which has risen continuously since the beginning of the year. Government consumer spending and foreign demand also made a positive contribution. In contrast, gross fixed capital formation had a negative impact.”
The growth in gross value added compared to the previous quarter was positively influenced by the manufacturing industry, in particular, while the construction industry also performed well. In a year-on-year comparison, the trade, transport, accommodation and catering, and financial and insurance sectors contributed significantly to growth. Most service sectors also showed a positive trend. In contrast, industry continued to decline.
Employment figures remained unchanged compared to the previous quarter but recorded an increase of 0.5% compared to the same quarter of the previous year.
