GDP down 0.4% in Q1, industry up, construction down

(CIANEWS) - The country's gross domestic product (GDP) contracted by 0.4% y/y in Q1 2023. The decline was mainly driven by lower household final consumption expenditure and a decline in inventories. On the other hand, external demand had a positive effect. This is according to a refined estimate by the Czech Statistical Office. Gross value added (GVA) rose by 1.1%. Industry +0.4 pp (1.6% growth) and real estate activities +0.4 pp (+4.5%) contributed the most to the growth. The construction sector had a negative impact of -0.2 pp (-3.8%). The foreign trade balance reached CZK 93.7bn at current prices and was CZK 92.7bn higher.



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