29th August 2014

Czech economy stagnated during the second quarter

According to the data provided by the Czech Statistical Office on Friday 28th August the Czech economy stagnated during the second quarter compared to the previous quarter. In year-on-year comparison the Czech economy grew by 2.6 %. As expected the Czech economy was affected by the development on the markets in the neighbouring countries as the whole European Union is affected by the sanctions imposed on Russia and vice-versa on EU member states. According to the Czech Statistical Office the Czech import grew in the second quarter by 0.3 and export fell by 0.4 % and thus the external trade is no longer the key aspect of the creation of GDP compared to the first quarter. The costs of final consumption remained unchanged during the second quarter. Professor Kamil Janeček, member of the banking council of the Czech national Bank, said in his interview that the growth despite the ongoing exchange rate intervention would not exceed the 4 % in the long-term mainly because of some structural problems.

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Members of the American Chamber of Commerce in the Czech Republic