14th February 2017

Radio Praha: Czech economy slows despite increase in consumer spending

The Czech economy slowed last year despite an increase in consumer spending, Czech Radio reported on Tuesday citing new preliminary figures released by the Czech Statistical Office. According to the bureau, economic growth slowed to 2.3 percent of GDP; a year earlier it was double that amount, 4.6 percent. In Q4 alone, growth stagnated at 0.2 percent year-on-year, Radio Praha wrote.

According to analysts, the Czech economy last year benefitted from household consumption and foreign trade. Both domestic and foreign demand was a key factor, not least in the field of industrial production, with the exception of the construction sector, which was less effective than a year earlier, according to the Czech Statistical Office. And overall, growth was the weakest in the last three years. In 2015, it grew by 4.6 percent, in 2014 by 2.7. The years 2013 and 2012 were marked by a weakening of overall growth.

Members of the American Chamber of Commerce in the Czech Republic