The Czech economy grew by 8.2% year-on-year in 2Q21, as a result of total expenditure on final consumption (up by 1.8 percentage points, pp), gross capital formation (1.6pp), and external demand (4.8pp), according to the refined estimate by the Czech Statistics Office (CSO) released on August 31.
The annual growth of the Czech economy is the highest in history, however, this is due to the low comparative base after the onset of the COVID-19 pandemic last year.
Quarter-on-quarter, Czech GDP increased by 1% in 2Q21, mainly due to a growth in final consumption of households and in gross fixed capital formation, with a negative influence of external demand.
Final consumption expenditure increased by 4.2% q/q and by 6.0% y/y. Gross fixed capital formation went up by 4.2% q/q and by 1.5% y/y. More investments were made mainly in dwellings, purchase of transport equipment, and other machinery and equipment, the office said.