Preliminary estimates released by the Czech Statistical Office (CZSO) yesterday show the Czech economy grew rapidly in the second quarter year on year by 4.5 percent, significantly exceeding analysts’ expectations.
The quarterly growth of 2.3 percent was the fastest since 1996 according to the range of statistical data available, reports Hospodářské noviny.
The CZSO cites “strong household consumption and company investment activities” as driving economic growth.
“The performance of most of the national economy industries has grown, not only in the manufacturing industry but also in most service industries,” said Vladimír Kermiet, Director of the CZSO National Accounts Department.
In response to the newly released data, Czech currency strengthened to the strongest level since the CNB interest rate hike in early August.
The data also indicates that the Czech Republic is one of the fastest growing economies within the EU.