Czech Q2 GDP Misses Expectations

(RTTNews) - The Czech economy stagnated in the second quarter, defying expectations for a modest growth, preliminary estimates from the statistical office revealed Thursday.

Gross domestic product failed to grow from the first quarter, when the economy expanded 0.8 percent. Economists had forecast 0.3 percent growth for the three months ended June.

Year-on-year, GDP rose 2.6 percent in the second quarter, which was slower than the 3 percent growth expected. In the first quarter, the economy grew 2.9 percent annually.

Manufacturing continued in its recovery, especially in the transport equipment, rubber and plastic product segments, the agency noted. Meanwhile, the gross value added decreased, year-on-year, in financial service activities, it added.

In the second quarter, employment edged up 0.1 percent annually, but remained unchanged from the previous quarter. The number of employed totaled 5.1 million.