Quarter-on-quarter gross domestic product (GDP) growth remained at 0.9 percent. In the first quarter of last year, which was negatively affected by the covid-19 pandemic, on the other hand, the performance of the economy decreased year-on-year.
Statisticians already stated in May that, according to statisticians, the main contributors to the strengthening of the economy’s performance compared to last year were household final consumption expenditures and gross capital formation.
Conversely, foreign demand had a negative impact on GDP development. They added in the report that real household consumption increased by three percent year-on-year and fell by 0.4 percent quarter-on-quarter. The household savings rate fell year-on-year and quarter-on-quarter.
“The sum of real monetary and non-monetary income of households per inhabitant decreased in the 1st quarter by 5.6 percent compared to the previous quarter, by 4.4 percent year-on-year, mainly due to high price growth,” said Vladimír Kermiet, director of the National Accounts Department of the CZSO.
The average monthly income from employment reached 38,610 crowns in the 1st quarter. Compared to the previous quarter, it decreased by 8.3 percent in real terms and by 4.4 percent year-on-year. According to statistics, the result of a higher quarter-on-quarter decrease in the total income of households than their expenses was a lower savings rate, reaching 16.1 percent.
The household savings rate was four percentage points lower quarter-on-quarter, and decreased by eight percentage points year-on-year. The household investment rate rose by half a percentage point compared to the previous quarter and by 1.4 percentage points year-on-year, reaching ten percent.
For non-financial enterprises, the profit rate and the investment rate increased quarter-on-quarter, the profit rate decreased and the investment rate increased year-on-year. In the 1st quarter, the profit rate reached 44.8 percent and the investment rate reached 29.4 percent.