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Czech GDP grows /01. 10. 2014/

Czech economy grew by 0.3 percent quarter-on-quarter and by 2.5 percent year-on-year in the second quarter of 2014, according to revised data released by the Czech Statistical Office (CSU) today.

The year-on-year development was slightly worse compared to the previous estimate, but the quarter-on-quarter development was better. According to the original estimate, the economy expanded by 2.7 percent year-on-year and in a month-on-month comparison it stagnated in the second quarter.

The new estimate is based on a revision of gross domestic product (GDP) after a switch to a new European standard. The quarter-on-quarter GDP growth in the second quarter was pulled by capital formation, final consumption expenditure and a surplus of external trade.

A significant increase was recorded for the final consumption expenditure of households which rose by 0.9 percent compared to the previous quarter. Capital formation expenditure increased by 1.9 percent. Year-on-year, final consumption expenditure rose by 2.2 percent and capital formation expenditure grew by 6.3 percent.

The current figures are already based on a new methodology. The revision of the national accounts is done in the entire Europe, the new European standards being based on the international SNA 2008 standard.

The new method newly introduces the capitalisation of research and development expenditures, small assets and military expenditures.These components have been treated as current expenditures so far. But under the new method, research and development expenditures, for example, are considered a future economic benefit. The CSU also changed the calculation of rents in the GDP statistics along with adopting the new European methodology.

Source: Financninoviny.cz, 1.10.2014. Full article can be found here.

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