Czech Republic Sees Second Lowest Growth In EU In Q2 of 2021
According to Eurostat, seasonally adjusted GDP increased by 2% in the Euro area and 1.9% in the EU in the second quarter of 2021. The Czech economy grew by just 0.6%, the second-lowest in the EU, which is regarded as disappointing by analysts. Photo Credit: SM / BD.
Czech Rep., Aug 3 (BD) – According to Eurostat, seasonally adjusted GDP increased by 2% in the Eurozone and by 1.9% in the EU in the second quarter of 2021, compared with the previous quarter.
The positive growth figures were mainly driven by trade, transport, accommodation, and hospitality. Expenditure on foreign demand and gross capital formation also contributed positively to annual GDP growth. The annual growth in gross value added has been heavily influenced by developments in the industrial sectors.
Of all member states for which quarterly data is available, Portugal recorded the highest increase at 4.9%, followed by Austria (4.3%) and Latvia (3.7%).
At the other end of the scale, the Czech Republic saw the second-lowest growth at 0.6%, ahead of only Lithuania (0.4%). This represented a year-on-year growth in the Czech economy of almost 8%.
Although there were positive effects associated with these figures, analysts expected more significant growth in the Czech economy.