According to the updated estimate, GDP in the Czech Republic grew by 0.7% in the fourth quarter of 2024 compared to the previous quarter and by 1.8% compared to the same quarter of the previous year. GDP growth for 2024 as a whole was 1.0%.
Gross value added (GVA) remained unchanged in the fourth quarter compared to the previous quarter and rose by 1.1% compared to the same period last year. Manufacturing (+1.0%), trade, transport and hospitality (+0.4%), and real estate and housing (+2.2%) showed particularly strong performance quarter-on-quarter.
The largest contribution to the year-on-year increase in GVA (+1.1%) came from the trade, transport, catering, and food sector (+3.0%) and the real estate and housing sector (+2.1%). Other services also performed well. The construction industry grew by 2.4% compared to the previous year. In contrast, industry had a negative impact (-2.2%).
“On the demand side, higher consumer spending by private households and changes in inventories were the main drivers of GDP growth in the fourth quarter. Gross fixed capital formation and falling foreign demand had a negative impact,” commented Vladimír Kermiet, Director of the National Accounts Department at the Czech Statistical Office.
The balance of foreign trade in goods and services totalled CZK 129.2 billion at current prices, which was CZK 5.1 billion higher than in the same period of the previous year. Exports fell by 1.5% in real terms compared to the previous quarter and rose by 1.3% compared to the same period last year. This development was primarily influenced by the increase in exports of electronic and optical instruments and electrical equipment. In contrast, exports of machinery and equipment and motor vehicles declined. Imports fell by 1.8% compared to the previous quarter and increased by 3.1% compared to the previous year.
