Czech Rep. Economic Outlook
November 3, 2020
A preliminary estimate revealed that the economy rebounded in Q3, following an unprecedented contraction in Q2 as the country felt the full brunt of lockdown measures. Although a detailed breakdown for Q3 is yet to be released, improving retail sales and consumer confidence hint at recovering household spending, while rebounding industrial production and business sentiment indicate stronger private sector activity. Moving to Q4, the picture is turning gloomier. Due to a sharp rise in new Covid-19 cases, the government declared a state of emergency and renewed strict containment measures in early October. The worsening health situation risks derailing the incipient recovery, as suggested by flagging business and consumer confidence in October. That said, the administration recently extended part of its short-term work scheme, and approved a relief plan for the hardest-hit businesses.Czech Republic Economic Growth
After suffering a severe recession this year due to the Covid-19 blow, the economy is seen rebounding strongly next year as domestic and foreign demand recover, and fiscal and monetary measures provide further support. That said, key downside risks remain, including the prolongation of the health crisis and disrupted European automotive supply chains. FocusEconomics analysts see GDP expanding 4.5% in 2021, which is down 0.4 percentage points from last month’s forecast, and 4.0% in 2022.Czech Republic Economy Data
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Czech Republic Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.64 | -1.85 % | Dec 31 |
| Exchange Rate | 22.76 | -0.66 % | Dec 30 |
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Czech Republic Economic News
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Czech Republic: Inflation ticks down in June
July 13, 2021
Consumer prices jumped 0.52% from the previous month in June, following May’s 0.17% rise.
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Czech Republic: Industrial output growth slows but remains high on low-base effect in May
July 7, 2021
Industrial production increased 25.3% year-on-year in working-day adjusted terms in May, which followed April’s 55.1% jump and continued to benefit from an extremely low-base effect.
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Czech Republic: Strongest improvement in operating conditions on record amid easing restrictions and soaring price pressures in June
July 2, 2021
The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, came in at 62.7 in June, up from May’s 61.8 and marking a fresh all-time high thanks to a further lifting of containment measures.
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Czech Republic: Economic sentiment at over two-year high in June
June 25, 2021
The economic sentiment indicator, published by the Czech Statistical Office (CSO), jumped to 104.0 in June from 99.7 in May, logging the best print since February 2019. The business confidence index soared in June, coming in at 103.7, from May’s 99.1 reading.
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Czech Republic: CNB hikes rates in June amid mounting price pressures and a stronger-than-expected economy
June 25, 2021
At its 24 June meeting, the Board of the Czech National Bank (CNB) decided to raise the two-week repo rate to 0.50% from 0.25%, after seven consecutive holds.
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