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Czech Republic GDP Q3 2020

Czech Republic: GDP rebounds in Q3 on easing restrictions

The economy rebounded in quarter-on-quarter terms in the third quarter of the year, thanks to the easing of Covid-19-related restrictions. According to a preliminary estimate, output jumped 6.2% in quarter-on-quarter seasonally-adjusted terms in Q3, contrasting Q2’s 8.7% plunge (qoqsa). Meanwhile, on a year-on-year seasonally-adjusted basis, GDP continued to shrink in Q3, albeit at a softer pace of 5.8% (Q2: -10.9% yoy).

Although a detailed breakdown is yet to be released, declines in household and capital spending drove the annual contraction. On the supply side, nearly all areas of the economy continued to fall, with the vital industrial sector and the trade, transportation and hospitality services sectors hit especially hard.

More detailed national accounts data will be released on 1 December.

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