Real GDP growth s.a.
Preliminary (2Q): 0.8 % q/q, 2.2 % y/y
Consensus: 0.7 % q/q, 2.2 % y/y
Previous (1Q): 0.5 % q/q, 1.1 % y/y
First estimate of the Czech GDP was slightly better than consensus. Slovakia and Hungary posted much better figures compared with the forecasts. All the three countries probably benefited from the recovery in the western part of the continent. Germany has already published its GDP well above forecast and also French GDP was better than expected.
No details are available yet. The Czech growth was probably driven by foreign trade as good 2Q figures from Germany imply higher exports of the Czech manufacturing sector and their higher contribution to the GDP. We also suggest some positive contribution of restocking. Domestic consumer demand was probably a drag. However in 2Q, retail sales were showing relatively good growth and the consumer consumption might have slightly grown too. The 2Q GDP growth is above projection of the Czech central bank (1.8 pct y/y).