Czech GDP fall of 1.3 pct in Q3 lower than expected by CSU

Ilustrační foto - Průmyslový podnik, firma, sklad - ilustrační foto.

published: 04.12.2013, 09:56 | updated: 04.12.2013 10:31:40

Prague - Czech gross domestic product (GDP) contracted by 0.1 percent in Q3 qtr/qtr, according to revised calculations of the Czech Statistical Office (CSU), 0.4 percentage point less than previously estimated by the office.

The revised figure is adjusted for price and seasonal effects.

Year-on-year GDP fall reached 1.3 percent, while in November statisticians predicted a 1.6 percent contraction.

Third-quarter economic development was influenced the number of working days. Q3 this year was three working days longer year-on-year. Not-adjusted for the number of working days, the economy fell by 0.4 percent in annual terms and grew by 0.6 percent compared with Q2 2013, the CSU said today.

The main reasons behind the corrections are the inclusion of data the CSU received later and revision of the estimate of value added for entities not covered by the survey. For the quarterly national accounts, the estimate is based on administrative data on value added tax payments and a model calculation for those not paying VAT, the CSU said.

The preliminary GDP estimate does not comprise data on a vast majority of smaller enterprises which pay value added tax quarterly. Data on other businesses include just payments for the first two months of a quarter in question. The lack of relevant information by the particular date can result in a later marked revision of model estimates, the CSU said.

GDP data for the first half of 2013 were revised, too. Based on the revised data, GDP decreased by 2.4 percent in Q1 in annual terms, against a drop of 2.3 percent in the September 30 estimate of the CSU. The second quarter saw a 1.5 percent contraction, while the previous estimate was a 1.3 percent fall.

GDP for the nine months of 2013 was 1.8 percent lower compared with the same months last year.



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