The Czech Republic's economy shrank 0.3% quarter-on-quarter in the first quarter of 2021, matching initial estimates and following a 0.6% growth in the previous period. Household consumption decreased 0.2%, government spending fell 3.6% and exports slumped 2.2%. On a yearly basis, the GDP declined 2.1%, in line with the preliminary estimate and following a 4.8% fall in the previous period. source: Czech Statistical Office

GDP Growth Rate in Czech Republic averaged 0.53 percent from 1995 until 2021, reaching an all time high of 7.10 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 July of 2021.

GDP Growth Rate in Czech Republic is expected to be 1.00 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 1.00 in 12 months time. In the long-term, the Czech Republic GDP Growth Rate is projected to trend around 0.70 percent in 2022 and 0.60 percent in 2023, according to our econometric models.

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Czech Republic GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.30 0.60 7.10 -8.70 1995 - 2021 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2021-02-02 08:00 AM QoQ Prel Q4 0.3% 6.9% -2.5% -1.1%
2021-03-02 08:00 AM QoQ Final Q4 0.6% 7.1% 0.3% 0.3%
2021-04-30 07:00 AM QoQ Prel Q1 -0.3% 0.6% -1% -1.5%
2021-06-01 07:00 AM QoQ Final Q1 -0.3% 0.6% -0.3%
2021-07-30 07:00 AM QoQ Prel Q2 -0.3% 1%
2021-09-01 07:00 AM QoQ Final Q2 -0.3%
2021-10-29 08:00 AM QoQ Prel Q3 2.6%
2021-12-01 08:00 AM QoQ Final Q3


News Stream
Czech Republic GDP Contraction Confirmed at 0.3% QoQ
The Czech Republic's economy shrank 0.3% quarter-on-quarter in the first quarter of 2021, matching initial estimates and following a 0.6% growth in the previous period. Household consumption decreased 0.2%, government spending fell 3.6% and exports slumped 2.2%. On a yearly basis, the GDP declined 2.1%, in line with the preliminary estimate and following a 4.8% fall in the previous period.
2021-06-01
Czechia Economy Shrinks Less than Expected in Q1
The Czech Republic economy retreated 0.3% on quarter in the first three months of 2021, reversing from a 0.3 percent gain in the previous period and compared to market expectations of a 1.0 percent contraction, preliminary estimates showed. On a yearly basis, the economy shrank 2.1 percent, also better than the market consensus of a 2.6 percent drop. The year-on-year decline was mainly due to a continuously declining household consumption. In contrast, government spending and foreign demand contributed positively to total output.
2021-04-30
Czech Republic GDP Growth Revised Higher in Q4
The Czech Republic economy expanded 0.6% quarter-on-quarter in the fourth quarter of 2020, slightly higher than initial estimates of a 0.3% rise, and following an upwardly revised 7.1% growth in the previous period. Government spending increased 5.5%, exports surged 6.6% and imports rose 6.6%. In contrast, household spending fell 4.2% and gross fixed capital formation edged down 0.3%. Year-on-year, the GDP shrank 4.7%, compared to a preliminary estimate of a 5% decline and following a downwardly revised 4.9% slump in the previous period. In 2020, the GDP contracted by 5.6%, the most on record amid the coronavirus epidemic but less than the central bank's estimates of a 5.8% plunge.
2021-03-02
Czech GDP Unexpectedly Grows 0.3% in Q4
The Czech Republic economy expanded 0.3% on quarter in the last three months of 2020, easing from a 6.9 percent advance in the previous period and compared to market expectations of a 2.5 percent contractions, preliminary estimates showed. On a yearly basis, the economy shrank 5 percent, also better than the market consensus of a 7.7 percent drop. The year-on-year decline was mainly due to a deepening decline in household consumption expenditure. In contrast, foreign demand grew significantly. Considering 2020 full year, the GDP contracted by 5.6 percent, the most on record amid the coronavirus epidemic but less than forecast of a 7.2% drop seen by the Czech National Bank.
2021-02-02

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.