The Czech Republic’s economy shrank by 0.3% on quarter in the three months leading to December of 2022, following a 0.2% decline in the previous period and compared with market estimates of a 0.6% contraction, preliminary estimates showed. Lower final consumption expenditure of households due to soaring inflation and tighter financing conditions pushed the country into a technical recession for the first time since 2020. On a yearly basis, the GDP advanced by 0.4%, down from a 1.5% rise in the previous period but above market forecasts of a meager 0.2% growth. Considering the full year of 2022, the economy advanced by 2.5% over a year ago. source: Czech Statistical Office

GDP Growth Rate in Czech Republic averaged 0.54 percent from 1995 until 2022, reaching an all time high of 7.00 percent in the third quarter of 2020 and a record low of -8.80 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 February of 2023.

GDP Growth Rate in Czech Republic is expected to be -0.10 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 0.60 percent in 2024 and 0.50 percent in 2025, according to our econometric models.

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Czech Republic GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-01-09 08:00 AM QoQ Final Q3 -0.2% 0.3% -0.2% -0.2%
2023-01-31 08:00 AM QoQ Prel Q4 -0.3% -0.2% -0.6% -0.5%
2023-03-03 08:00 AM QoQ 2nd Est Q4 -0.2% -0.3%


Related Last Previous Unit Reference
GDP Growth Rate -0.30 -0.20 percent Dec 2022
GDP Annual Growth Rate 0.40 1.50 percent Dec 2022
GDP Constant Prices 1329.95 1335.23 CZK Billion Sep 2022
Gross National Product 5834972.00 5424464.00 CZK Million Dec 2021
Gross Fixed Capital Formation 363.72 364.98 CZK Billion Sep 2022
GDP from Services 218766.00 228804.00 CZK Million Sep 2022
GDP from Public Administration 171848.00 169628.00 CZK Million Sep 2022
GDP from Manufacturing 319648.00 314281.00 CZK Million Sep 2022
GDP from Construction 49449.00 51833.00 CZK Million Sep 2022
GDP from Agriculture 25850.00 26644.00 CZK Million Sep 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
-0.30 -0.20 7.00 -8.80 1995 - 2022 percent Quarterly
SA

News Stream
Czech Republic GDP Contracts Less than Expected in Q4
The Czech Republic’s economy shrank by 0.3% on quarter in the three months leading to December of 2022, following a 0.2% decline in the previous period and compared with market estimates of a 0.6% contraction, preliminary estimates showed. Lower final consumption expenditure of households due to soaring inflation and tighter financing conditions pushed the country into a technical recession for the first time since 2020. On a yearly basis, the GDP advanced by 0.4%, down from a 1.5% rise in the previous period but above market forecasts of a meager 0.2% growth. Considering the full year of 2022, the economy advanced by 2.5% over a year ago.
2023-01-31
Czech Republic GDP Contraction Confirmed at 0.2% in Q3
The Czech Republic's quarterly economic contraction was confirmed at 0.2% in the third quarter of 2022, following a downwardly revised 0.3% rise in the previous period. It was the first GDP decline since the first quarter of 2021 as soaring inflation and tighter financing conditions hit household consumption (-3.2% vs -0.1% in Q2). Additionally, fixed investment shrank for the first time in eight quarters (-0.3% vs 1.2%) and government spending continued to decrease (-1.3% vs -0.3%). On the external front, exports (4.7% vs 1% in Q2) rose more than imports (2.7% vs 0.9% in Q2). On an annual basis, the GDP expanded by 1.5%, slightly below the preliminary estimate of 1.7% but slowing sharply from a downwardly revised 3.5% growth in the previous three-month period.
2023-01-09
Czech Q3 GDP Shrinks Less than Initially Thought
The Czech Republic quarterly economic contraction was revised lower to 0.2 percent in the third quarter of 2022, compared to a preliminary estimate of a 0.4 percent fall and following a 0.5 percent growth in the previous period. It was the first GDP decline since Q1 of 2021, led by a 3.2 percent decrease in household consumption as stubbornly high inflation and rising interest rates hit domestic demand. In addition, gross fixed capital formation decreased by 0.3 percent and government spending shrank 0.8 percent. Meanwhile, foreign demand had a positive effect on the growth of GDP, with exports rising more than imports. On an annual basis, the GDP rose 1.7 percent, slightly above the preliminary estimate of 1.6 percent but slowing sharply from a 3.7 percent gain in the previous quarter.
2022-12-02