This page has economic forecasts for Czech Republic including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Czech Republic economy.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.70 0.8 0.7 0.6 0.5 0.5 percent
Unemployment Rate 2.80 2.4 2.4 2.5 2.5 2.6 percent
Inflation Rate 2.20 2.4 2.3 2.2 2.1 2 percent
Interest Rate 1.75 1.75 1.75 1.75 2 2.5 percent
Balance of Trade 39711.47 16000 50000 38000 26423 25000 CZK Million
Government Debt to GDP 34.60 32.6 30.4 30.4 30.4 29.6 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 23.03
22.54 22.7 22.86 23.03 23.69
Stock Market 1083.51
points
1090 1083 1075 1067 1037
Government Bond 10Y 2.11
percent
2.25 2.32 2.39 2.46 2.78
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.70
percent
0.8 0.7 0.6 0.5 0.5
GDP Annual Growth Rate 2.40
percent
3 3.3 3.4 3.2 3.2
GDP 215.73
USD Billion
218 220 220 220 221
GDP Constant Prices 1181.33
CZK Billion
1208 1216 1221 1219 1281
Gross National Product 4735267.00
CZK MN
4877325 4891531 4896266 4886796 5174335
Gross Fixed Capital Formation 315.71
CZK Billion
316 328 326 326 336
GDP per capita 22779.29
USD
23000 23500 23500 23500 24000
GDP per capita PPP 32605.91
USD
33100 34100 34100 34100 34800
GDP From Agriculture 17277.00
CZK Million
21034 21495 17864 17830 22314
GDP From Construction 58978.00
CZK Million
60427 64927 60983 60865 64107
GDP From Manufacturing 287180.00
CZK Million
294308 295614 296944 296370 312230
GDP From Public Administration 143998.00
CZK Million
143571 146121 148894 148606 152314
GDP From Services 202696.00
CZK Million
201166 202361 209588 209182 213416
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 2.80
percent
2.4 2.4 2.5 2.5 2.6
Unemployed Persons 215622.00
209047 211425 206805 208285 207124
Long Term Unemployment Rate 0.70
percent
0.66 0.73 0.64 0.72 0.62
Youth Unemployment Rate 6.30
percent
6.36 6.21 6.21 6.18 6.18
Labour Costs 116.19
Index Points
117 122 120 118 122
Job Vacancies 316884.00
315999 313847 312546 311982 311696
Wages 31851.00
CZK/Month
33500 32000 31851 30624 38000
Wages in Manufacturing 32355.00
CZK/Month
31500 32000 32353 30885 34500
Minimum Wages 468.87
EUR/Month
469 510 510 510 550
Population 10.61
Million
10.61 10.64 10.64 10.64 10.66
Retirement Age Women 62.67
62.67 63.17 62.67 62.67 63.67
Retirement Age Men 63.33
63.33 63.5 63.33 63.33 63.67
Labor Force Participation Rate 60.50
percent
60.64 60.53 60.67 60.82 60.76
Living Wage Family 20500.00
CZK/Month
18300 18039 20075 19625 18800
Living Wage Individual 15500.00
CZK/Month
16310 15497 15090 14683 14643
Part Time Employment 323.50
Thousand
325 323 325 323 326
Productivity 107.60
Index Points
109 110 110 110 110
Wage Growth 6.20
percent
4.8 4.5 4 5.36 2.5
Wages Low Skilled 15700.00
CZK/Month
15600 15600 15015 15174 16200
Wages High Skilled 35400.00
CZK/Month
35400 35400 33295 33665 37000
Employed Persons 5257.26
Thousand
5264 5264 5278 5260 5267
Employment Change 0.60
percent
0.32 0.55 0.51 0.44 0.47
Employment Rate 74.70
percent
75.3 75.25 75.65 75.98 76.85
Full Time Employment 4817.50
Thousand
4843 4831 4847 4865 4868
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 2.20
percent
2.4 2.3 2.2 2.1 2
Inflation Rate Mom 0.40
percent
0.3 0.2 0.3 0.1 0.2
Harmonised Consumer Prices 102.00
Index Points
105 104 105 104 109
Consumer Price Index CPI 106.00
Index Points
204 107 108 108 212
Core Consumer Prices 108.00
Index Points
108 108 109 110 112
Core Inflation Rate 1.86
percent
1.84 1.84 1.84 1.84 1.84
GDP Deflator 111.60
Index Points
112 112 113 112 113
Producer Prices 101.50
Index Points
102 102 104 104 107
Producer Prices Change 3.20
percent
3.6 3.1 2.8 2.6 2.2
Export Prices 97.00
Index Points
96.91 96.93 96.92 96.93 96.92
Import Prices 97.40
Index Points
97.53 97.55 97.54 97.55 97.54
CPI Housing Utilities 154.10
Index Points
153 154 155 157 159
CPI Transportation 107.10
Index Points
107 108 110 109 111
Food Inflation 0.20
percent
1.7 2 2.5 0.16 3
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 1.75
percent
1.75 1.75 1.75 2 2.5
Interbank Rate 0.17
percent
0.17 0.17 0.17 0.42 0.92
Money Supply M0 563525.60
CZK Million
570213 577399 584613 591810 655667
Money Supply M1 3887002.95
CZK Million
3943915 4004724 4064819 4124125 4642814
Money Supply M2 4304047.03
CZK Million
4357977 4407678 4456141 4503630 4890881
Foreign Exchange Reserves 141500.19
USD Million
139463 138131 137130 136460 135079
Banks Balance Sheet 7631317.50
CZK Million
7812756 7940767 8066790 8191785 9266658
Loans to Private Sector 1104109.30
CZK Million
1123589 1136374 1147966 1158435 1217137
Deposit Interest Rate 0.05
percent
0.05 0.05 0.05 0.3 0.8
Lending Rate 2.75
percent
2.75 2.75 2.75 3 3.5
Private Debt to GDP 139.10
percent
135 135 135 135 131
Money Supply M3 4456276.59
CZK Million
4521249 4583533 4644620 4704714 5203922
Cash Reserve Ratio 2.00
percent
2 2 2 2 2
Central Bank Balance Sheet 3214948.30
CZK Million
3216798 3221925 3219033 3220641 3220135
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade 39711.47
CZK Million
16000 50000 38000 26423 25000
Exports 366558.42
CZK Million
322000 429000 392000 356422 369000
Imports 326846.95
CZK Million
306000 379000 354000 327940 344000
Current Account 327.50
EUR Million
-420 3870 -470 -817 -370
Current Account to GDP 1.10
percent
-0.5 -1 -1 -1 -1.5
External Debt 168625.30
EUR Million
118000 169000 169000 169000 122000
Terms of Trade 99.60
Index Points
99.36 99.36 99.36 99.36 99.36
Capital Flows -8213.98
CZK MN
9021 10795 10422 10276 10299
Foreign Direct Investment 173269.05
CZK Million
-141065 -269153 -397242 -525330 -63140
Remittances 563.80
EUR Million
579 540 575 551 573
Gold Reserves 9.10
Tonnes
9.08 8.94 8.89 8.79 8.43
Terrorism Index 1.89
1.89 1.89 1.89 1.89 1.89
Weapons Sales 110.00
USD Million
79.26 65.23 51.2 37.17 33.61
Crude Oil Production 2.00
BBL/D/1K
2 2 2 2 2
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 34.60
percent
32.6 30.4 30.4 30.4 29.6
Government Budget 1.60
percent of GDP
1.4 1.1 1.1 1.1 0.9
Government Budget Value -11103.72
CZK Million
11703 9583 8567 7420 4084
Government Spending 220.72
CZK Billion
224 228 228 228 237
Government Spending to GDP 38.80
percent
38.8 38.8 38.8 38.8 38.8
Government Revenues 108623.63
CZK Million
123276 119730 118131 116563 113190
Government Debt 1749141.00
CZK Million
1746428 1734266 1722104 1709943 1704794
Fiscal Expenditure 180634.26
CZK Million
106246 110146 109564 109142 109106
Military Expenditure 2101.04
USD Million
2153 2164 2175 2186 2243
Asylum Applications 90.00
persons
95.97 95.94 95.95 95.95 95.95
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Business Confidence 97.30
Index Points
97.3 94.2 92.9 97.41 93.5
Manufacturing PMI 52.50
53.2 54.4 54.2 52.31 53.8
Industrial Production -0.90
percent
3.8 3.6 1.71 1.7 2.5
Industrial Production Mom 1.10
percent
-0.7 0.4 0.32 0.33 0.4
Manufacturing Production -0.80
percent
0.9 1.32 1.38 1.37 1.33
New Orders 99.11
Index Points
99.62 100 100 100 100
Changes in Inventories -8.99
CZK Billion
3.82 5.1 3.88 4.01 6.12
Car Registrations 14532.00
21994 21728 22367 22642 22396
Internet Speed 16938.04
KBps
16508 16442 16669 16587 16578
IP Addresses 1720644.00
IP
1734458 1734906 1736407 1737005 1738782
Mining Production 0.00
percent
-2.42 -2.5 -2.5 -2.5 -2.5
Steel Production 374.16
Thousand Tonnes
404 407 409 410 412
Competitiveness Index 71.18
Points
71.68 71.68 71.68 71.68 74.18
Competitiveness Rank 29.00
29 29 29 29 29
Corporate Profits 310627.00
CZK Million
315042 319550 324057 328564 354203
Ease of Doing Business 35.00
31 33 34 35 35
Electricity Production 7154.00
Gigawatt-hour
7358 7094 6991 7136 7116
Corruption Index 57.00
Points
57 57 57 57 57
Corruption Rank 42.00
42 42 42 42 42
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Confidence 112.00
Index Points
110 112 112 112 110
Retail Sales MoM 0.60
percent
-0.4 0.5 0.3 0.4 0.5
Retail Sales YoY 1.40
percent
4 3.7 3.15 3.16 2.2
Consumer Spending 560.60
CZK Billion
565 571 580 579 599
Personal Savings 10.36
percent
10.27 8.73 10.27 9.64 9.88
Consumer Credit 240620.80
CZK Million
243389 246078 248680 251199 270537
Private Sector Credit 3010112.79
CZK Million
3066942 3121180 3172943 3222346 3576969
Gasoline Prices 1.50
USD/Liter
1.4 1.32 1.25 1.16 0.99
Households Debt To GDP 31.50
percent of GDP
31.8 31.85 31.92 31.99 32.45
Households Debt To Income 56.64
percent
57.58 57.26 56.94 56.62 55.99
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Construction Output 12.40
percent
2.9 2.5 3.84 2.97 1.9
Housing Index 128.00
Index points
134 136 137 138 137
Building Permits 6746.00
units
6686 6998 6815 6681 6805
Housing Starts 8186.00
units
8227 8275 8789 8470 8663
Home Ownership Rate 78.50
percent
79.15 79.28 79.41 79.54 80.08
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 19.00
percent
19 19 19 19 19
Personal Income Tax Rate 22.00
percent
22 22 22 22 22
Sales Tax Rate 21.00
percent
21 21 21 21 21
Social Security Rate 45.00
percent
45 45 45 45 45
Social Security Rate For Companies 34.00
percent
34 34 34 34 34
Social Security Rate For Employees 11.00
percent
11 11 11 11 11
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Temperature 18.66
celsius
3.06 -0.7 11.73 9.51 7.81



Czech Republic - Economic Forecasts - 2018-2020 Outlook