Czech Q1 recession deeper than estimated
2013-06-04 12:13:35
Czech recession in the first quarter of 2013 was severe than estimated initially, final report from the Czech Statistical Office revealed Tuesday.
The gross domestic product declined 1.1 percent quarter-on-quarter in the first quarter after adjusting to seasonal and calendar variations. Year-on-year, GDP fell 2.2 percent.
According to the preliminary estimates released on May 15, GDP was down 0.8 percent quarter-on-quarter and declined 1.9 percent annually.
Household consumption expenditure fell 0.5 percent annually in the first quarter of this year, while government spending increased 1.1 percent.
Investment plunged 8.7 percent. Total exports and imports of goods and services decreased 2.1 percent year-on-year. External trade is no longer a positive contributor to the overall GDP development, the statistical office said.
In the fourth quarter of 2012, the GDP was down 0.3 percent on a quarterly basis and fell 1.6 percent year-on-year.