Czech GDP down by 0.3% quarter-on-quarter
The Czech GDP decreased by 0.3% quarter-on-quarter in the first quarter of 2021, the Czech Statistics Office reported. In a year-on-year comparison, it decreased by 2.1%. The negative year-on-year GDP development was caused by a decrease in the final consumption of households and in the gross fixed capital formation. The Czech economy shrank both in the year-on-year and quarter-on-quarter comparison. The gross domestic product adjusted for price effects and seasonally adjusted was by 0.3% lower, quarter-on-quarter. In the year-on-year comparison, the GDP decreased by 2.1%.