The Czech economy grew by 2.5% in Q2 2016, beating out expectations.
By BOHEMIST STAFF
PRAGUE – The Czech Republic’s gross domestic product (GDP) increased 2.5 percent year-on-year in the second quarter of 2016, beating out the median expectation of 14 economists surveyed by Bloomberg who had forecast growth of just 2.3 percent.
According to preliminary data released this morning by the Czech Statistics Offices, the country’s quarterly GDP rose 0.9 percent, adding growth to what the report called the “highest in the European Union.”
“Of key importance for the favorable development of the Czech economy belonged mostly to the manufacturing and services industries,” the report states. “On the expenditure side, external demand and the steadily growing consumption of households mainly contributed to the GDP growth.”
But the report had other encouraging news, stating that the rising economy had a positive impact on the labor market, with employment increasing by 1.6 percent year-on-year, and by 0.3 percent quarter-to-quarter.