Skyline of Prague, Czech Republic

Czech Republic Private consumption

Czech Republic Private consumption

Private Consumption in Czech Republic

The Czech Republic recorded an average growth rate of 1.6% in private consumption in the decade to 2022, below the 2.1% average for Eastern Europe. In 2022, private consumption growth was -0.8%. For more private consumption information, visit our dedicated page.

Czech Republic Private consumption Chart

Note: This chart displays Private Consumption (annual variation in %) for Czech Republic from 2013 to 2022.
Source: Czech Statistical Office.

Czech Republic Private consumption Data

2018 2019 2020 2021 2022
Private Consumption (ann. var. %) 3.3 2.6 -7.4 4.1 -0.8

Economy rebounds in Q4

The economy expanded 0.2% in seasonally adjusted quarter-on-quarter terms in Q4, swinging from Q3’s 0.6% contraction. Meanwhile, output decreased 0.2% on a seasonally adjusted year-on-year basis in Q4, following the 0.8% contraction recorded in Q3.

According to a press release, external demand and consumption expenditure supported quarter-on-quarter growth. Meanwhile, employment decreased by 0.1% quarter on quarter.

Commenting on the outlook, Jiri Polansky, analyst at Erste, stated: “Economic activity should gradually improve over the course of this year. On the one hand, household consumption will recover, positively affected by a fall in inflation and a recovery in real wage growth. On the other hand, external demand will also strengthen in the context of (expected) improved developments in the Euro Area, which will spill over into Czech exports and investment activity. Risks remain elevated and skewed towards lower GDP.”

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 private consumption projections for the next ten years from a panel of 22 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 private consumption forecast available for Czech private consumption.

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

Want to get access to the full dataset of Czech private consumption forecasts? Send an email to info@focus-economics.com.

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