The Czech Statistical Office (CZSO) confirmed its preliminary estimate of domestic GDP growth at 0.5% qoq and 5.0% yoy. The favourable dynamics were mainly thanks to private consumption, which increased 0.9% qoq (+4.4% yoy). Households benefit from a low unemployment rate, which improves its low every month, and sound wage growth. Moreover, consumers remain optimistic as there are no signs that the good times will come to an end anytime soon. This is also mirrored in investment activity. Businesses adjust to growing demand for output amid a stretched labour market, where it is almost impossible to find a suitable work force. Thus, they invest in a way that they do not have to hire too many personnel for their new facilities or they can free up some labour force when renewing existing facilities. Investment has thus remained at a sound level from the second quarter. In yoy terms, investment growth prints at 7.5%. Moreover, it seems there is more unfinished investment as inventory built contributed 1pp to overall GDP growth.     

The convergence of the V4 region to western levels of income has been rather unremarkable to date, mostly owing to the lackluster performance of the Czech Republic and Hungary since the global financial crisis. By contrast, Poland and Slovakia are emerging as regional convergence champions. Despite these interesting differences, the overall results – also manifested in low wage levels – are a disappointment, authors of the study The Shape of Central Europe published by the Aspen Institute Central Europe says.

InterNations recently released its 2017 list of the best cities for living and working abroad. Prague came second.

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