“Developments in the group of trade, transport and accommodation and in professional, scientific, technical and administrative activities contributed most significantly to the decline,” said Vladimír Kermiet, director of the CZSO National Accounts Department.
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“On the contrary, the manufacturing industry was doing well. On the demand side, the main factor in the decline in GDP was lower household consumption expenditure and investment, “added Kermiet.
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Final consumption expenditure fell by 1.3 percent between quarters and was down 3.7 percent year on year. Of this, household final consumption expenditure fell by 0.2 percent year on year and by 6.1 percent year on year.
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“The outlook for the next quarter of this year is already emerging in a far more optimistic light. Slowing pandemics, ongoing vaccinations, still low unemployment and strong household savings from previous quarters. This is a combination that creates suitable conditions for a rapid recovery of the domestic economy in the second quarter and in the second half of this year, ”believes Miroslav Novák, an analyst at Akcenta.
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“Overall, GDP growth of between three and four percent can be expected this year. At the same time, it should be mentioned that even with the growth of the domestic economy by four percent this year, we will not reach the level of output just before the start of the covidu-19 pandemic, “he added.
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