Czech economy slows despite increase in consumer spending
The Czech economy slowed last year despite an increase in consumer spending, Czech Radio reported on Tuesday citing new preliminary figures released by the Czech Statistical Office. According to the bureau, economic growth slowed to 2.3 percent of GDP; a year earlier it was double that amount, 4.6 percent. In Q4 alone, growth stagnated at 0.2 percent year-on-year.
The results for last year were lower than what had been forecast by experts. Analysts approached by the Czech News Agency, for example, had predicted an overall annual result of 2.5 percent, and a far better result for Q4, of 0.8 percent. GDP is a monetary measure of the market value of all final goods and services produced in a period (be it quarterly or yearly), and Czech Radio noted that the early or preliminary estimate would still be tweaked later according to additional data.
By comparison, last tear neighbouring Germany, according to available figures, experienced economic growth of 1.9 percent, beating a 1.8 percent median estimate.