2021.08.3108:19:00UTC+00Czech Economy Expands More Than Estimated In Q2

The Czech Republic's economy expanded in the second quarter at a faster pace than estimated initially, latest data from the statistical office showed Tuesday. Gross domestic product grew a seasonally adjusted 1.0 percent quarter-on-quarter, which was faster than the initial estimate of 0.6 percent growth. "The positive quarter-on-quarter GDP development was supported mainly by an increase of final consumption of households and by gross fixed capital formation," the statistical office said. The GDP decline for the first quarter was revised to 0.4 percent from 0.3 percent. In the second quarter of 2020, GDP plummeted 8.9 percent at the peak of the Covid-19 pandemic. The year-on-year growth figure for the second quarter was 8.2 percent, revised from the flash estimate of 7.8 percent. The expansion was the first in six quarters. In the first quarter, the economy shrank a revised 2.5 percent from a year ago.