Between quarters, the domestic economy fell by 0.3 percent.
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At the same time, statisticians published data on the financial situation of households.
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“Total household income grew by 3.5 percent year on year in the first quarter. On the other hand, their consumption expenditures fell by 3.4%, especially in connection with the continuing closure of part of the economy, ”stated Vladimír Kermiet, Director of the CZSO National Accounts Department.
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“The rate of household savings thus continued to reach above-average values in the first quarter of this year,” he added. Specifically, the savings rate reached 23.7 percent, which is 6.9 percent more year on year.
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As Kermiet explained earlier, developments in trade, transport and housing contributed to the decline. The first quarter still had a lockdown. Lower household consumption expenditures and investment also contributed to the decline.
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“On the contrary, the manufacturing industry has prospered,” Kermiet concluded.
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