GDP Growth and Economic Recovery Is Stimulated By Domestic Demand
According to the Czech Statistical Office (CZSO), the recovery of the Czech economy is due to growing domestic demand. The suspension of restrictive measures has revitalized consumption among Czech households. Photo credit: KK / Brno Daily.
Czech Rep. Sep. 16, (BD)- The gross domestic product grew by an annualised rate of 8.2% in the first half of 2021, according to CZSO. Several sectors performed well, above all trade, accommodation, transportation and catering. The manufacturing industry has also shown strong signs of recovery.
“Domestic demand contributed to the growth of the Czech economy, compared to the first quarter of the year. Household consumption grew strongly and the recovery was also related to investment activity,” said Marek Rojíček, president of the Czech Statistical Office.
This economic recovery is also reflected in the increase in employment, which increased by 0.3% compared to the same period of last year, the first increase since Q4 of 2019. Data on the decrease in the unemployment rate also confirm this trend.