Actual figure: 0.1 % q/q and -5.5 % y/y
Previous flash estimate: 0.3 % q/q and -4.9 % y/y
Detailed GDP worsened picture of the Czech economy. However, quarterly change kept over zero and signaled a quick recovery from deep fall of the economy in 1Q. Household consumption expenditures and net exports helped to improve the headline figure, declining investment activity and inventory depletion remained the main negative factors. Government expenditures also declined pointing to a bad timing of fiscal stimulus.
Despite the downward revision the message of the data remains positive: the economy is healing from a free fall in aftermath of the financial crisis. Improving outlook in the Euro zone and inventory replenishment should help to further acceleration in the second half of the year.