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.

GDP Growth Rate in Czech Republic averaged 0.47 percent from 1995 until 2020, reaching an all time high of 2.70 percent in the second quarter of 2017 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 October of 2020. source: Czech Statistical Office

GDP Growth Rate in Czech Republic is expected to be 3.00 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 1.30 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
-8.70 -3.30 2.70 -8.70 1995 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
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 -3.3% 0.5% -3.6% -3.6%
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 -8.7% 3%
2020-12-01 08:00 AM QoQ Final Q3 -8.7% 3%


News Stream
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 Economy Contracts Most in 11 Years
The Czech economy shrank by 3.3 percent on quarter in the first three months of 2020, compared with a preliminary estimate of a 3.6 percent contraction. Still, that was the largest decline in the GDP since the first quarter of 2009 as the coronavirus outbreak hit investments and foreign demand. Gross fixed capital formation tumbled 9.7 percent (vs 4.1 percent in Q4), while exports and imports dropped 2.6 percent and 3.5 percent respectively. In addition, households consumption declined 2.0 percent (vs 1.0 percent in Q4), while government spending rebounded 5.2 percent (vs -1.3 percent in Q4). Year-on-year, the Czech economy contracted by 2.0 percent.
2020-06-02
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 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.