Czech economy grows by 1.7 percent in third quarter

The Czech economy grew by 1.7 percent year-on-year in the third quarter of this year, according to a revised estimate released by the Czech Statistics Office on Friday. Compared to the previous quarter, GDP dropped by 0.2 percent.

The estimate shows that the Czech economy grew slightly more than it had originally been estimated by economists as the previous agency forecast for the third quarter stood at 1.6 percent growth.

According to experts, the year-on-year GDP growth was fuelled mainly by foreign demand and gross fixed capital formation. By contrast, household consumption expenditure had a negative impact on the economy.