The Czech Republic's economic performance in the third quarter surpassed prior estimates, as revealed by data from the national statistical office on Friday.
The revised figures indicate that the country's Gross Domestic Product (GDP) increased by 0.5% from the previous quarter, up from a 0.2% growth in the second quarter. Initially, growth was estimated at 0.4%. The economy has demonstrated expansion since the fourth quarter of 2023.
Breaking down the expenditure components, household final consumption expenditure rose by 0.7% during the quarter, whereas government consumption remained unchanged.
However, there was a 1.2% decline in gross fixed capital formation, attributed to decreased investment in residential properties, information and communication technologies (ICT), and other machinery and equipment. Export activities increased by 1.9%, while imports rose by 3.2%.
On an annual basis, GDP growth accelerated to 1.4% in the third quarter, compared to 0.5% in the preceding quarter, surpassing the preliminary forecast of 1.3%.
Household expenditure showed a considerable rise of 3.3% year-on-year, alongside a 2.5% increase in household income, according to the statistical agency.
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