Czech retail sales falling back

The Czech Statistical Office released more accurate data on external trade for the fourth quarter of 2011 and in relation to that the media published reflections of the analytical public about a possible revision of the gross domestic product estimate in May.

The CZSO informs that there is not a reason for a correction due to changes in the trade balance. The GDP is in a quarterly periodicity estimated by a production method, which is based mainly on statistical surveys focusing on measuring of the gross value added of the domestic enterprises in combination with administrative data sources. The expenditure method, of which the trade balance is a part, is designed primarily to determine the structure of the final consumption; however, it is not used directly for the calculation of the GDP itself.