Skyline of Prague, Czech Republic

Czech Republic GDP

Czech Republic GDP

Economic Growth in Czech Republic

The Czech Republic recorded an average real GDP growth of 2.2% in the decade to 2022, below the 2.5% average for Eastern Europe. In 2022, real GDP growth was 2.4%. For more GDP information, visit our dedicated page.

Czech Republic GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Czech Republic from 2014 to 2023.
Source: Czech Statistical Office.

Czech Republic GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 3.2 3.0 -5.5 3.5 2.4
GDP (USD bn) 249 253 246 282 290
GDP (EUR bn) 211 226 216 238 276
GDP (CZK bn) 5,411 5,791 5,709 6,109 6,787
Economic Growth (Nominal GDP, ann. var. %) 5.9 7.0 -1.4 7.0 11.1

Economy accelerates in Q1 2024

The economy expanded 0.5% in seasonally adjusted quarter-on-quarter terms in Q1 2024, accelerating from Q4 2023’s 0.4% increase. Meanwhile, output increased 0.4% on a seasonally adjusted year-on-year basis in Q1, following the 0.2% expansion recorded in Q4.

According to a press release, domestic demand and especially household spending supported quarter-on-quarter growth, while external trade was a drag on growth. Meanwhile, employment increased by 0.2% quarter on quarter.

Commenting on the outlook, EIU analysts stated: “Slowing inflation and rising real wages will help to lift household consumption in the short term, while improving conditions in Europe (including declining interest rates) will bolster external demand in the second half of 2024. This will set the stage for stronger growth from 2025 onwards.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Czech GDP projections for the next ten years from a panel of 41 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Czech GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Czech GDP projections.

Want to get access to the full dataset of Czech GDP forecasts? Send an email to

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