In the fourth quarter of last year, annual GDP growth accelerated to 3.6 percent from a revised 3.5 percent in the third quarter. GDP grew by 0.9 percent quarter on quarter.
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“Year-on-year economic growth in the fourth quarter of last year was driven solely by domestic demand. Household stocks and consumer spending rose significantly. Investments also grew, especially in real estate and means of transport, “said Vladimír Kermiet, director of the CZSO’s national accounts department. On the contrary, foreign demand had a negative effect, as the balance of foreign trade at current prices was almost 123 billion crowns lower than a year ago.
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According to statisticians, the main factors in last year’s full-year growth were household final consumption expenditure and changes in inventories. Household consumption contributed 1.1 percentage points to GDP growth. Expenditures of government institutions added another 0.3 points and almost four percentage points fell on capital formation. On the contrary, the decline in foreign demand had a negative effect, reducing the growth of the Czech economy by two percentage points.
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Last year, final consumption expenditure rose by 4.3 percent for households and by 1.6 percent for general government. Gross fixed capital formation for the whole of 2021 was 0.9 percent higher than in 2020.
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Last year, the foreign trade balance fell by 204.1 billion to 185.2 billion crowns at current prices. Total employment increased by 0.1 percent year on year to 5.347 million people. In total, 2.9 percent more hours were worked last year than in 2020.
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