The Czech Republic economy shrank 3.6 percent quarter-on-quarter in the first three months of 2020, worse than market forecasts of a 3.5 percent drop, preliminary estimates showed. It is the biggest GDP contraction since at least 1995 due to the coronavirus pandemic and government restrictive measures related to it. Year-on-year, the economy shrank 2.2 percent, the biggest drop since the last quarter of 2009, dragged down by falling external demand and lower capital formation in manufacturing, trade, transportation, and accommodation and food service activities. On the other hand, public expenditure increased. The Czech economy is seen contracting 6.2 percent in 2020, according to the European Commission forecasts and the government has pledged more than 1 trillion crowns to help offset the economic damage from the pandemic, mainly loan guarantees and direct aid for affected workers and firms.

GDP Growth Rate in Czech Republic averaged 0.54 percent from 1995 until 2020, reaching an all time high of 2.40 percent in the second quarter of 2017 and a record low of -3.60 percent in the first quarter of 2020. This page provides the latest reported value for - Czech Republic GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Czech Republic GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: Czech Statistical Office

GDP Growth Rate in Czech Republic is expected to be -8.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Czech Republic to stand at 1.70 in 12 months time. In the long-term, the Czech Republic GDP Growth Rate is projected to trend around 1.00 percent in 2021 and 0.70 percent in 2022, according to our econometric models.

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Czech Republic GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.60 0.30 2.40 -3.60 1995 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2019-11-29 08:00 AM QoQ Final Q3 0.4% 0.6% 0.3% 0.3%
2020-02-14 08:00 AM QoQ Prel Q4 0.2% 0.4% 0.3% 0.3%
2020-03-03 08:00 AM QoQ Final Q4 0.3% 0.4% 0.2% 0.2%
2020-05-15 07:00 AM QoQ Prel Q1 -3.6% 0.3% -3.5% -3.3%
2020-06-02 07:00 AM QoQ Final Q1 0.3% -3.6% -3.6%
2020-07-31 07:00 AM QoQ Prel Q2 -8.5%
2020-09-01 07:00 AM QoQ Final Q2 -8.5%
2020-10-30 08:00 AM QoQ Prel Q3 3%


News Stream
Czech Republic GDP Shrinks at a Record 3.6% in Q1
The Czech Republic economy shrank 3.6 percent quarter-on-quarter in the first three months of 2020, worse than market forecasts of a 3.5 percent drop, preliminary estimates showed. It is the biggest GDP contraction since at least 1995 due to the coronavirus pandemic and government restrictive measures related to it. Year-on-year, the economy shrank 2.2 percent, the biggest drop since the last quarter of 2009, dragged down by falling external demand and lower capital formation in manufacturing, trade, transportation, and accommodation and food service activities. On the other hand, public expenditure increased. The Czech economy is seen contracting 6.2 percent in 2020, according to the European Commission forecasts and the government has pledged more than 1 trillion crowns to help offset the economic damage from the pandemic, mainly loan guarantees and direct aid for affected workers and firms.
2020-05-15
Czech Q4 GDP Growth Revised Higher
The Czech quarterly economic growth was revised higher to 0.3 percent in the fourth quarter of 2019 from a preliminary estimate of 0.2 percent. It also compared to a 0.4 percent expansion in the previous three-month period. There were increases in both household consumption (1.0 percent) and fixed investment (3.6 percent), while government spending contracted 1.1 percent and net external demand contributed negatively to the GDP, with exports falling and imports rising. On a yearly basis, the economy advanced 1.8 percent, also faster than a flash estimate of 1.7 percent. Considering 2019 full year, the GDP growth eased to 2.4 percent from 2.8 percent in 2018.
2020-03-03
Czech GDP Growth Lowest in Near 6 Years
The Czech Republic economy expanded 0.2% on quarter in the last three months of 2019, the lowest growth rate since a 0.1% contraction in the first quarter of 2014, preliminary estimates showed. It compares with market expectations of a 0.3% expansion. Household spending was the main driver of growth in the fourth quarter; and services and construction continued to contribute to the expansion while manufacturing has not contributed to growth anymore. On a year-on-year basis, the economy advanced 1.7%, well below 2.5% in the previous period. Considering full 2019, the economy expanded 2.4%.
2020-02-14
Czech Q3 GDP Growth Rate Revised Up to 0.4%
Czech Republic’s GDP expanded 0.4 percent on quarter in the three months to September 2019, easing from a 0.6 percent advance in the previous period and above preliminary estimates of 0.3 percent. It was the weakest pace of expansion since Q2 2016. Household consumption showed no growth in Q3 (vs 0.8 percent in Q2) and government expenditure slowed (1.0 percent vs 1.3 percent). In addition, gross fixed capital formation dropped further (-0.3 percent vs -0.2 percent) and net foreign demand contributed negatively to growth, as exports went down 0.4 percent (vs 2.0 percent) while imports increased 0.4 percent (vs a flat reading in Q2). Year-on-year, the GDP grew 2.5 percent, less than a 2.7 percent advance in Q2 and in line with preliminary estimates.
2019-11-29

Czech Republic GDP Growth Rate
In Czech Republic, household consumption is the main component of GDP and accounts for 49 percent of its total use, followed by gross fixed capital formation (25 percent) and government expenditure (19 percent). Exports of goods and services account for 84 percent of GDP while imports account for 77 percent, adding 7 percent of total GDP.