Czech Rep. Economic Outlook
January 11, 2022A second estimate revised up GDP growth for Q3, confirming strong underlying momentum. That said, economic dynamics should have cooled somewhat in the last quarter of 2021. Consumer confidence fell considerably on average in the quarter, amid soaring price pressures and the spread of the Omicron variant. Meanwhile, business sentiment also weakened, albeit to a lesser extent, while PMI readings continued to show sustained expansions in manufacturing activity throughout the quarter. On the external front, falling merchandise exports in October point to some weakness in the sector. In politics, Prime Minister Petr Fiala's new center-right government took office in mid-December and pledged to tackle the Covid-19 pandemic and mounting inflation. It will ask the lower house for a vote of confidence this month. The country started 2022 on a provisional budget, which should last until the end of March.
Czech Republic Economic GrowthGDP should expand at a quicker pace in 2022, thanks to the lifting of restrictions as the impact of the pandemic fades. Accumulated savings and the inflow of EU funds amid expansionary fiscal policies should provide a short-term boost to the economy. However, pandemic-related uncertainty, high energy prices and prolonged supply constraints cloud the outlook. FocusEconomics analysts see GDP expanding 4.2% in 2022, which is down 0.1 percentage points from last month’s forecast, and 3.9% in 2023.
Czech Republic Economy Data
5 years of Czech Republic economic forecasts for more than 30 economic indicators.
Get a sample report showing our regional, country and commodities data and analysis.
Czech Republic Facts
|Bond Yield||1.64||-1.85 %||Dec 31|
|Exchange Rate||22.76||-0.66 %||Dec 30|
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Czech Republic Economic News
January 26, 2022
The economic sentiment indicator, published by the Czech Statistical Office (CSO), rose to 97.6 in January from 95.6 in December. Consumer confidence strengthened in January, with the index increasing to 91.4 from 91.2 in December.
January 12, 2022
Consumer prices rose 0.42% from the previous month in December, following November’s 0.17% increase.
January 3, 2022
The economic sentiment indicator, published by the Czech Statistical Office (CSO), rose to 95.5 in December from 95.2 in November, when it marked the worst print since April. Consumer confidence strengthened in December, with the index increasing to 92.3 from 90.4 in November.
January 3, 2022
The IHS Markit Manufacturing Purchasing Managers' Index (PMI) rose to 59.1 in December from November's 57.1.
December 22, 2021
At its 22 December meeting, the Board of the Czech National Bank (CNB) decided to raise the two-week repo rate by 105 basis points to 3.75%, marking the fifth consecutive hike and surprising markets on the upside.