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.
GDP Growth Rate in Czech Republic averaged 0.54 percent from 1995 until 2020, reaching an all time high of 2.40 percent in the second quarter of 2017 and a record low of -3.50 percent in the first quarter of 2009. 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 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 1.50 in 12 months time. In the long-term, the Czech Republic GDP Growth Rate is projected to trend around 1.00 percent in 2021 and 0.70 percent in 2022, according to our econometric models.