The Czech Statistical Office (ČSÚ) has revised its economic growth estimates upward for the third quarter of last year, revealing a more robust performance than initially reported. According to the updated figures, the gross domestic product grew by 1.4% year-on-year and 0.5% quarter-on-quarter, exceeding previous estimates by 0.1 percentage points in both cases.
Household consumption emerged as the primary driver of this economic expansion, although investments and foreign trade acted as limiting factors. The improved outlook can be attributed mainly to higher government spending, which increased by 3.3% year-on-year, up from the previously estimated 3%.
This 1.4% annual growth marks the strongest quarterly performance since the third quarter of 2022. According to Petr Dufek, chief economist at Banka Creditas, the Czech economy likely achieved around one percent growth for the entire year – a respectable outcome considering Germany’s economic downturn.
Looking ahead, Dufek suggests that achieving growth above 2% in the current year would be considered a significant success.