2022.12.0208:42:00UTC+00Czech Economy Contracts Less Than Estimated In Q3

The Czech Republic's economic output contracted less than initially estimated in the third quarter, latest figures from the statistical office showed on Friday.

Gross domestic product decreased 0.2 percent sequentially in the third quarter, reversing a 0.4 percent expansion in the second quarter.

The September quarter figure was revised from the 0.4 percent decline reported initially on November 1.

Further, the economy contracted for the first time since the second quarter of 2021.

There was a 3.2 percent decline in final consumption expenditures by households, which contributed to the quarterly decline in domestic demand.

General government expenditure decreased 0.8 percent, and gross fixed capital formation slid 0.3 percent.

On the other hand, external demand had a positive influence in the third quarter. Exports gained 4.7 percent, while imports rose at a slower rate of 2.7 percent.

On a year-on-year basis, GDP growth eased to 1.7 percent in the third quarter from a revised 3.6 percent in the previous quarter. In the flash report, the rate of growth for the third quarter was 1.6 percent.

The annual GDP growth was mainly supported by external demand and gross fixed capital formation, the statistical office said.