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. 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 March of 2021.
GDP Growth Rate in Czech Republic is expected to be -1.50 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 1.00 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.