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
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 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.”
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 37 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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