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.