The Czech Republic's economic activity showed no variations in the first quarter, revised from a slight expansion reported initially, the latest figures from the statistical office showed on Tuesday.
Gross domestic product remained flat in the March quarter, following a 0.4 percent fall in the fourth quarter. In the initial estimate, the rate of increase was 0.1 percent.
The economy stagnated after two consecutive quarters of decline.
On the expenditure side, household consumption fell 1.2 percent over the quarter due to lower purchases of non-durable goods and services amid elevated inflation levels in the country.
Gross fixed capital formation decreased by 1.8 percent, while general government expenditure showed an increase of 1.9 percent.
On a yearly basis, GDP contracted 0.4 percent in the March quarter versus a 0.3 percent rise in the December quarter.
Further, this was the first contraction since the second quarter of 2022. The rate of decline was 0.2 percent in the previous estimate.
The annual GDP decrease was mainly influenced by lower final consumption expenditure by households and a decrease in inventories, whereas external demand had a positive influence, the agency said.
