Czech economy drops by 0.4 percent year-on-year in Q1

The Czech economy experienced a fall by 0.4 percent year-on -year in the first quarter of 2023, according to revised data released by the Czech Statistics Office on Tuesday. Estimates in May predicted a decline by 0.2 percent. The quarter-on-quarter GDP stagnated during the first three months of this year.

The year-on-year decline in GDP was mainly driven by household consumption e and a change in inventories. In contrast, government consumption and external demand had a positive effect.

The year-on-year decline in GDP was mainly caused by household final consumption expenditure and the change in inventories. In contrast, government final consumption expenditure and external demand had a positive effect.