Czech economy grows by 1.5 percent in Q4

The Czech economy grew by 1.5 percent year on year in the fourth quarter of last year, faster than the preliminary estimate of a 1.3 percent growth released two weeks ago, the Czech Statistics Office announced on Friday. It also confirmed a 2 percent GDP growth for the whole of 2014. Economic growth in the fourth quarter was driven by exports as well as domestic demand. Household consumption rose by 2 percent year-on-year in the fourth quarter and by 1.2 percent against the previous quarter. Growth was also supported by the manufacturing industry, in particular the production of motor vehicles and machinery. In the area of services, a significant growth was registered by transport, trade, real estate activities and public administration.