CNB Bank Board Member Miroslav Hrnčíř comments on the GDP figures for 2000 Q1
22.6.2000
The figures for GDP growth in Q1 2000 published today confirm that the Czech economy is in a
phase of recovery. This recovery is attributable to all components of domestic demand and to net
exports. However, the analysis of the data shows that the year-on-year GDP growth rate recorded in
Q1 is largely due to a low comparison base.
The considerable pick-up in the GDP growth rate in Q1, which exceeded expectations, was
attributable in part to net exports, thanks to growing foreign demand and the relatively low
year-on-year comparison base. The growth rate of domestic demand is in line with our
expectations.
According to the analyses conducted so far, the GDP figures for Q1, as well as the envisaged net
export trend and, in particular, the continuing only moderate pace of growth in domestic demand, do
not necessitate any correction to the forecasts of economic growth and inflation for this year and
the next.
Responsible:
Pavel Zúbek
CNB- Public Relations Department
CNB Bank Board Member Miroslav Hrnčíř comments on the GDP figures for 2000 Q1
The figures for GDP growth in Q1 2000 published today confirm that the Czech economy is in a phase of recovery. This recovery is attributable to all components of domestic demand and to net exports. However, the analysis of the data shows that the year-on-year GDP growth rate recorded in Q1 is largely due to a low comparison base.
The considerable pick-up in the GDP growth rate in Q1, which exceeded expectations, was attributable in part to net exports, thanks to growing foreign demand and the relatively low year-on-year comparison base. The growth rate of domestic demand is in line with our expectations.
According to the analyses conducted so far, the GDP figures for Q1, as well as the envisaged net export trend and, in particular, the continuing only moderate pace of growth in domestic demand, do not necessitate any correction to the forecasts of economic growth and inflation for this year and the next.
Responsible:
Pavel Zúbek
CNB- Public Relations Department