(CIANEWS) - According to an updated estimate published by the Czech Statistical Office (ČSÚ), the gross domestic product (GDP) in the second quarter of 2023 dropped 0.4% year on year. The weaker economic performance was affected by lower expenditures on households’ final consumption and lower stocks. On the other hand, expenditures on government institutions’ final consumption, the creation of gross fixed capital and foreign demand had a positive effect. In quarter-on-quarter terms, the GDP grew by 0.1%. In the second quarter, gross value added dropped 0.2% q/q and grew 0.6% y/y. Final consumption expenditures increased 0.3% q/q and decreased 2.0% y/y. The creation of gross fixed capital was 3.4% higher q/q and 2.5% higher y/y. The external trade balance at current prices totalled CZK 100.9bn and was CZK 101.0bn higher than in the same period of last year. Exports were 0.5% lower q/q in real numbers and 4.5% higher y/y. Imports dropped 1.2% q/q and grew 0.8% y/y.