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.

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Czech Republic GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.30 6.90 6.90 -8.70 1995 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
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 6.2% -8.7% 5% 3%
2020-12-01 08:00 AM QoQ Final Q3 6.9% -8.7% 6.2% 6.2%
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 6.9% 0.3% 0.3%
2021-05-14 07:00 AM QoQ Prel Q1 -1.5%
2021-06-02 07:00 AM QoQ Final Q1
2021-07-30 07:00 AM QoQ Prel Q2 2.1%
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
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 Revised Higher in Q3
The Czech Republic economy expanded a record 6.9 percent quarter-on-quarter in the third quarter of 2020, higher than initial estimates of a 6.2 percent rise, and following a record 8.7 percent slump in the previous period, as the economy rebounds from the coronavirus crisis. Household spending increased 5 percent, exports jumped 26.2 percent and imports 16.3 percent. In contrast, gross fixed capital formation shrank 5 percent and government spending edged down 0.6 percent. In the fourth quarter of the year, the government adopted more restrictions like school and shop closures aiming to reduce the spread of the coronavirus although factory gates have remained open.
2020-12-01
Czech Q3 GDP Growth Above Forecast
The Czech economy advanced by 6.2 percent on quarter in the three months to September 2020, compared with a record contraction of 8.7 percent in the previous period and beating market expectations of a 5 percent growth, a preliminary estimate showed. It was the strongest expansion on record, following the unprecedented economic blow caused by the Covid-19 pandemic during the second quarter. Year-on-year, the GDP shrank 5.8 percent, after plunging 10.8 percent in the previous quarter and compared with market consensus of a 6.9 percent decline, dragged down by a decrease in capital formation and by lower household consumption.
2020-10-30
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 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.