Czech economy grows at moderate pace in Q3 on slowdown in industry growth

The Czech Republic’s preliminary estimate of the third quarter GDP showed that the economy registered a slower pace of growth on a sequential basis, noted Czech Statistical Office. The preliminary report indicated that the Czech economy grew 1.9 percent year-on-year on a seasonally adjusted basis.  In the previous quarter the economy had expanded by 0.3 percent.

On a sequential basis, the Czech economy grew 0.3 percent, a moderate pace. This is mainly due to the deceleration in the industry growth. Meanwhile, rising consumption of households and the increased external demand continued to support the year-on-year expansion of the economy, whereas the lower investment activity continued to be a drag.

In the third quarter, employment in the nation rose 1.7 percent as compared with the same period in the previous year. On a quarter-on-quarter basis the pace remained the same.