The economy of the Czech Republic saw expected growth in the last quarter, bouncing back from a contraction in the previous quarter, according to the preliminary figures released by the statistical office on Tuesday.
In the final quarter, the Gross Domestic Product (GDP) increased by 0.2 percent, reversing a 0.6 percent decline seen in the third quarter. Vladimir Kermiet, Director at the statistical office, attributed this growth to heightened external demand and an increased final consumption expenditure of households, marking a change after a long period.
However, comparing year-on-year figures, the GDP saw a decrease of 0.2 percent in the quarter of December versus a 0.8 percent decrease in September quarter. This was in line with the initially forecasted figures.
Looking at the bigger picture, the overall GDP for 2023 showed a decline of 0.4 percent in comparison to 2022. The downward trend was primarily attributed to a decrease in the final consumer expenditure of households coupled with a change in inventories.
