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 2024 to 2023.
Source: Macrobond.
Czech Republic GDP Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 3.5 | -5.3 | 4.0 | 2.9 | 0.1 |
GDP (EUR bn) | 229 | 220 | 246 | 287 | 317 |
GDP (USD bn) | 257 | 251 | 291 | 302 | 343 |
GDP (CZK bn) | 5,889 | 5,828 | 6,308 | 7,050 | 7,619 |
Economic Growth (Nominal GDP, ann. var. %) | 7.5 | -1.0 | 8.2 | 11.8 | 8.1 |
GDP growth gains steam in Q3
Economy grows faster than expected: The economy gained traction in the third quarter, as GDP growth accelerated to 0.5% on a seasonally and calendar-adjusted quarter-on-quarter basis from a downwardly revised 0.2% in Q2. The pickup marked the best result since Q1 2022, exceeding the flash estimate of 0.3%. Similarly, calendar- and seasonally adjusted annual economic growth accelerated to 1.4% in Q3 compared to the previous quarter's downwardly revised 0.5% expansion, marking the best result in two years.
Private consumption in the driver’s seat: Private consumption was the main engine of Q3’s quarterly upturn, expanding 0.7% in seasonally adjusted quarter-on-quarter terms, contrasting Q2’s flat result. That said, government spending flatlined in Q3, deteriorating from Q2’s 1.6% rise and logging the worst result since Q1 2022. Moreover, fixed investment returned to the doldrums, contracting 1.2% in Q3 (Q2: +1.5% qoq s.a.). On the external front, exports of goods and services growth picked up to 1.9% in sequential terms in the third quarter (Q2: +0.8% qoq s.a.), marking the best reading since Q3 2022. However, imports of goods and services growth accelerated to 3.2% in Q3 (Q2: +1.1% qoq s.a.), dragging on the overall result.
Lower inflation and interest rates to boost growth in 2025: Our panelists expect sequential GDP growth to remain around current levels in coming quarters. Looking at 2025 as a whole, economic growth should more than double from 2024’s projected figure, hovering around its 2014–2023 average of 2.3%. The acceleration will come on the back of faster household consumption growth, underpinned by lower inflation, and a recovery in fixed investment, benefiting from laxer financing conditions.
Panelist insight: Commenting on the risks to the outlook, Jiri Polansky, analyst at Erste Bank, stated: “The risks are balanced, with ongoing weak performance in Germany on one side and the potential for stronger investment, particularly related to flood repairs, on the other. A more significant acceleration in the growth of the Czech economy is anticipated next year (2.3%), alongside an improvement in external demand.”
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 38 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 info@focus-economics.com.
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