The Czech Republic gross domestic product advanced 1.0 percent on quarter in the three months ending June of 2021, rebounding from an upwardly revised 0.4 percent decline in the previous period and compared to preliminary estimates of a 0.6 percent expansion. The key drivers of economic growth in the second quarter were household spending (6.5 percent), particularly consumption of durable goods and services; and gross fixed capital formation (4.2 percent), mainly investment in houses, vehicles, and other machinery and equipment. Meanwhile, both government spending (-0.2 percent) and net foreign demand weighed down on growth, with exports (0.6 percent) rising slower than imports (4.9 percent). On a yearly basis, the economy jumped 8.2 percent, following an upwardly revised 2.5 percent fall and faster than early estimates of 7.8 percent. source: Czech Statistical Office

GDP Growth Rate in Czech Republic averaged 0.53 percent from 1995 until 2021, reaching an all time high of 7.10 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 September of 2021.

GDP Growth Rate in Czech Republic is expected to be 2.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. 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
1.00 -0.30 7.10 -8.70 1995 - 2021 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2021-04-30 07:00 AM QoQ Prel Q1 -0.3% 0.6% -1% -1.5%
2021-06-01 07:00 AM QoQ Final Q1 -0.3% 0.6% -0.3%
2021-07-30 07:00 AM QoQ Prel Q2 0.6% -0.3% 2% 1.7%
2021-08-31 07:00 AM QoQ Final Q2 1% -0.4% 0.6% 0.6%
2021-10-29 08:00 AM QoQ Prel Q3 1% 2.6%
2021-12-01 08:00 AM QoQ Final Q3 1%


News Stream
Czech Republic Q2 GDP Growth Revised Higher
The Czech Republic gross domestic product advanced 1.0 percent on quarter in the three months ending June of 2021, rebounding from an upwardly revised 0.4 percent decline in the previous period and compared to preliminary estimates of a 0.6 percent expansion. The key drivers of economic growth in the second quarter were household spending (6.5 percent), particularly consumption of durable goods and services; and gross fixed capital formation (4.2 percent), mainly investment in houses, vehicles, and other machinery and equipment. Meanwhile, both government spending (-0.2 percent) and net foreign demand weighed down on growth, with exports (0.6 percent) rising slower than imports (4.9 percent). On a yearly basis, the economy jumped 8.2 percent, following an upwardly revised 2.5 percent fall and faster than early estimates of 7.8 percent.
2021-08-31
Czech Republic GDP Growth Misses Forecasts
The Czech Republic gross domestic product advanced 0.6 percent on quarter in the three months ending June of 2021, rebounding from a 0.3 percent decline in the previous period and largely missed market expectations of a 2.0 percent rise, preliminary estimates showed. On a yearly basis, the economy expanded 7.8 percent, also missing the market consensus of a 9.1 percent hike. The year-on-year growth was particularly supported by foreign demand, fixed investment, and household consumption. On the production scope, industrial sectors were the main growth driver.
2021-07-30
Czech Republic GDP Contraction Confirmed at 0.3% QoQ
The Czech Republic's economy shrank 0.3% quarter-on-quarter in the first quarter of 2021, matching initial estimates and following a 0.6% growth in the previous period. Household consumption decreased 0.2%, government spending fell 3.6% and exports slumped 2.2%. On a yearly basis, the GDP declined 2.1%, in line with the preliminary estimate and following a 4.8% fall in the previous period.
2021-06-01
Czechia Economy Shrinks Less than Expected in Q1
The Czech Republic economy retreated 0.3% on quarter in the first three months of 2021, reversing from a 0.3 percent gain in the previous period and compared to market expectations of a 1.0 percent contraction, preliminary estimates showed. On a yearly basis, the economy shrank 2.1 percent, also better than the market consensus of a 2.6 percent drop. The year-on-year decline was mainly due to a continuously declining household consumption. In contrast, government spending and foreign demand contributed positively to total output.
2021-04-30

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.