Exports in Czech Republic
Czech republic's economy recorded an average growth rate of 1.1% in exports over the decade leading to 2024, above the Central & Eastern Europe's average of 0.3%. In 2024, Czech Republic's exports growth was 1.1%. For more exports information, visit our dedicated page.
Czech Republic Exports Chart
Note: This chart displays Exports (G&S, ann. var. %) for Czech Republic from 2024 to 2018.
Source: Macrobond.
Czech Republic Exports Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Exports (G&S, ann. var. %) | -8.6 | 8.0 | 5.2 | 2.8 | 1.1 |
Economy records slowest increase since Q1 2024 in Q2
GDP growth disappoints markets in Q2: According to a preliminary estimate, GDP growth waned to 0.3% on a calendar- and seasonally adjusted quarter-on-quarter basis in the second quarter (Q1: +0.7% qoq s.a.), marking the slowest growth since Q1 2024 and falling short of market expectations. On an annual, calendar- and seasonally adjusted basis, economic growth was stable at Q1’s 2.4% in Q2.
External demand drags on GDP growth: A complete breakdown of the reading will not be released until 29 August. However, the statistical office noted that deceleration in sequential GDP growth was driven by weakening net foreign demand; this is likely as the Czech Republic is among the economies that are most vulnerable to the U.S.’ recent tariff hikes. That said, private consumption strengthened as softer inflation and interest rates in Q2 compared to Q1 likely supported household budgets.
Economic growth to stabilize: Our panelists expect sequential GDP growth to broadly stabilize in the coming quarters. Accordingly, in 2025 as a whole, economic growth should double from 2024’s rate. Lower interest rates should fuel a rebound in fixed investment, and stronger EU demand will likely buttress exports. Moreover, consumer spending should accelerate on the back of a still-tight labor market. That said, rising U.S. tariffs will likely cap the acceleration in exports, keeping GDP growth below the pre-pandemic 10-year average of 2.5% in 2025. A weaker-than-expected German economy—the top trading partner—is a downside risk.
Panelist insight: Commenting on the outlook, Kevin Daly and Basak Edizgil, analysts at Goldman Sachs, stated: “We […] expected growth momentum to slow in the remainder of the year but today's print suggests that the slowdown might be happening slightly earlier than our expectation. Nevertheless, given the volatility of post-pandemic GDP growth and the potential for large revisions of early GDP prints, we will wait for more detailed data.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Czech exports projections for the next ten years from a panel of 17 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 exports forecast available for Czech exports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Czech exports projections.
Want to get access to the full dataset of Czech exports forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
-
Israel: GDP records first contraction since Q4 2023 in the second quarter GDP reading: GDP declined 3.5% in seasonally adjusted annualized rate terms (SAAR) in the second quarter, contrasting the 3.1% expansion... -
United Kingdom: GDP growth slows in Q2 GDP reading: GDP growth slowed to 0.3% on a seasonally adjusted quarter on quarter basis in the second quarter, down... -
Malaysia: GDP growth improves moderately in Q2 GDP reading: GDP growth accelerated somewhat to 4.5% year on year in the second quarter, from 4.4% in the first... -
Singapore: GDP growth accelerates in Q2 GDP growth upwardly revised: The statistical office slightly revised Q2 annual GDP growth upward to 4.4% from the 4.3% advance... -
Philippines: Economic growth inches up to one-year high in Q2 GDP growth acceleration beats market expectations: GDP growth accelerated to 5.5% year on year in the second quarter, up from... -
Indonesia: GDP growth accelerates in Q2 GDP growth surprises markets on the upside: GDP growth improved to 5.1% year on year in Q2 from 4.9% in... -
Hong Kong: GDP growth records best result since Q4 2023 in Q2 GDP reading: GDP growth ticked up to 3.1% year on year in the second quarter from 3.0% in the first...