The economy grew by 3.7 percent

The Czech economy grew by 3.7 percent in the second quarter of this year, according to revised Czech Statistical Office (CZSO) data. The economy’s gross domestic product (GDP) increased by 0.5 percent in the previous quarter.

The results were thus unchanged from the previous estimate at the end of August. This was according to the CZSO’s website on Friday.

According to the statisticians’ earlier statement, GDP growth was mainly driven by government final consumption expenditure and gross capital formation expenditure. Analysts then pointed out that the second-quarter annual data is affected by the comparison with 2021 when measures against the spread of coronavirus were in place.

In Friday’s report, the CZSO added that household incomes fell by 1.2 percent quarter-on-quarter and 8.1 percent compared with the second quarter of last year, according to seasonally adjusted data. Real per capita, household consumption was flat quarter over quarter and up 0.9 percent year over year.