Gross domestic product is estimated to grow by 1.0 % in 2024. In Q4, GDP grew by 0.5 % q-o-q and by 1.6 % y-o-y.
Gross domestic product (GDP) adjusted for price effects and seasonality[1] is provisionally estimated to be 1.0 % higher in 2024 than in 2023, supported by higher final consumption expenditure by households and general government. On the other hand, gross capital formation had a negative impact. The development of gross value added was mainly supported by the trade, transport, accommodation and food services industry group. The manufacturing sector declined.

"In the last quarter of last year, GDP grew by 0.5 % q-o-q. The growth was supported by domestic demand, especially higher household final consumption expenditure. Foreign demand declined," comments on the data Vladimir Kermiet, Director of the National Accounts Department of the CZSO.
Year-on-year GDP grew by 1.6 % in Q4. Growth was mainly driven by household final consumption expenditure and gross capital formation. The foreign trade balance had a negative impact. Growth in value added was then mainly supported by the trade, transport, accommodation and food services sector. Other service industries also performed well. In contrast, industry continued to decline.
Employment grew by 0.3 % last year. In Q4, employment stagnated quarter-on-quarter and increased by 0.4 % year-on-year.
CSO/ gnews - RoZ
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