The Czech Republic economy expanded a record 6.9 percent quarter-on-quarter in the third quarter of 2020, higher than initial estimates of a 6.2 percent rise, and following a record 8.7 percent slump in the previous period, as the economy rebounds from the coronavirus crisis. Household spending increased 5 percent, exports jumped 26.2 percent and imports 16.3 percent. In contrast, gross fixed capital formation shrank 5 percent and government spending edged down 0.6 percent. In the fourth quarter of the year, the government adopted more restrictions like school and shop closures aiming to reduce the spread of the coronavirus although factory gates have remained open. source: Czech Statistical Office

GDP Growth Rate in Czech Republic averaged 0.53 percent from 1995 until 2020, reaching an all time high of 6.90 percent in the third quarter of 2020 and a record low of -8.70 percent in the second 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 January of 2021.

GDP Growth Rate in Czech Republic is expected to be -3.50 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 1.10 in 12 months time. In the long-term, the Czech Republic GDP Growth Rate is projected to trend around 0.90 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
6.90 -8.70 6.90 -8.70 1995 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-07-31 07:00 AM QoQ Prel Q2 -8.4% -3.3% -12.9% -8.5%
2020-09-01 07:00 AM QoQ Final Q2 -8.7% -3.3% -8.4% -8.4%
2020-10-30 08:00 AM QoQ Prel Q3 6.2% -8.7% 5% 3%
2020-12-01 08:00 AM QoQ Final Q3 6.9% -8.7% 6.2% 6.2%
2021-02-02 08:00 AM QoQ Prel Q4 6.9%
2021-03-03 08:00 AM QoQ Final Q4 6.9%
2021-05-14 07:00 AM QoQ Prel Q1
2021-06-02 07:00 AM QoQ Final Q1
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Czech Republic GDP Growth Revised Higher in Q3
The Czech Republic economy expanded a record 6.9 percent quarter-on-quarter in the third quarter of 2020, higher than initial estimates of a 6.2 percent rise, and following a record 8.7 percent slump in the previous period, as the economy rebounds from the coronavirus crisis. Household spending increased 5 percent, exports jumped 26.2 percent and imports 16.3 percent. In contrast, gross fixed capital formation shrank 5 percent and government spending edged down 0.6 percent. In the fourth quarter of the year, the government adopted more restrictions like school and shop closures aiming to reduce the spread of the coronavirus although factory gates have remained open.
2020-12-01
Czech Q3 GDP Growth Above Forecast
The Czech economy advanced by 6.2 percent on quarter in the three months to September 2020, compared with a record contraction of 8.7 percent in the previous period and beating market expectations of a 5 percent growth, a preliminary estimate showed. It was the strongest expansion on record, following the unprecedented economic blow caused by the Covid-19 pandemic during the second quarter. Year-on-year, the GDP shrank 5.8 percent, after plunging 10.8 percent in the previous quarter and compared with market consensus of a 6.9 percent decline, dragged down by a decrease in capital formation and by lower household consumption.
2020-10-30
Czech Economy Contraction Largest on Record
The Czech economy shrank by a record 8.7 percent on quarter in the three months to June 2020, more than an initial estimate of an 8.4 percent slump. It also followed a 3.3 percent contraction in the first three months of the year, meaning the country entered a technical recession as the coronavirus pandemic forced non-essential businesses to close and people to stay at home.
2020-09-01
Czech Economy Enters Recession
The Czech economy shrank by 8.4 percent on quarter in the three months to June 2020, following a 3.3 percent contraction in the previous period and compared with market expectations of a 12.9 percent slump, a preliminary estimate showed. It was the sharpest contraction on record, entering into a technical recession as the coronavirus pandemic hit the economy. Year-on-year, the economy plunged 10.7 percent, after plunging 2 percent in the prior quarter, dragged down by a marked decrease in external demand and by lower household consumption and investment activity. According to the European Commission forecasts, the Czech economy is seen contracting 6.2 percent in 2020, 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.
2020-07-31

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.