According to the latest data, which are based on the national accounts standard ESA 2010 and reflect other methodical changes, real GDP increased by 0.3% QoQ in the second quarter of 2014.

Real GDP increased by 0.8% QoQ in the first quarter of 2014 (gross value added rose at an even faster pace, by 1.1% QoQ), which far surpassed the estimate from the April Macroeconomic Forecast.

According to the CZSO’s current data, real GDP decreased by 0.9% in the whole of 2013. The surprisingly strong QoQ growth of 1.8% in Q4 2013 was largely a product of one-off factors (stockpiling cigarette tax stamps as a consequence of an increase in the excise tax on cigarettes as of 1 January 2014).

According to the CZSO’s current data, real GDP rose by 0.2% QoQ in Q3 2013, but it continued to fall in annual terms. We estimate that economic recovery continued also at the end of 2013.