GDP in Czech Republic
Czech Republic - GDP
Growth slows to three-year low in Q4 2019
The economy grew 1.7% in year-on-year, seasonally- and price-adjusted terms in the final quarter of last year, below the 2.5% upturn logged in the third quarter, according to preliminary release by the Czech Statistical Office (CSO) on 14 February. The pace of expansion undershot market expectations and was the lowest in three years. Meanwhile, on a quarter-on-quarter basis, GDP growth came in at 0.2% in Q4, halving from Q3’s 0.4% climb. For 2019 as a whole, GDP growth eased to 2.4% from 2.8% in 2018.
Although a detailed breakdown is yet to be released, household spending, which has been buoyed by the tight labor market and robust real wage increases, remained the key driver of the expansion. On the supply side, solid activity in the services and construction sectors propped up the upturn. Notably, manufacturing output underwhelmed, reflective of subdued demand conditions in the EU, particularly from the German industrial sector.
Looking ahead, private consumption is set to remain the engine of growth this year, though it will expand at a more moderate pace. Headwinds include uncertainty over the impact on activity from the unexpected rate hike by the Central Bank, diminishing hopes for a solid industrial recovery in the EU and global supply chains taking a hit from the coronavirus outbreak.
More detailed national accounts data will be released on 3 March.
The Czech Central Bank projects the economy to expand 2.3% this year and 2.8% in 2021. FocusEconomics Consensus Forecast panelists, meanwhile, see the economy growing 2.2% in 2020, which is down 0.1 percentage points from the previous month’s projection, and 2.4% in 2021.
Czech Republic - GDP Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | 2.7 | 5.4 | 2.4 | 4.5 | 2.9 |
Czech Republic GDP Chart
Source: Czech Statistical Office and FocusEconomics calculations.
Czech Republic Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.64 | -1.85 % | Dec 31 |
| Exchange Rate | 22.76 | -0.66 % | Dec 30 |
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Economic News
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Czech Republic: Growth slows to three-year low in Q4 2019
February 14, 2020
The economy grew 1.7% in year-on-year, seasonally- and price-adjusted terms in the final quarter of last year, below the 2.5% upturn logged in the third quarter, according to preliminary release by the Czech Statistical Office (CSO) on 14 February.
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Czech Republic: Inflation climbs to near eight-year high at outset of 2020
February 14, 2020
Consumer prices soared 1.5% from the previous month in January, following December’s 0.2% increase.
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Czech Republic: Industrial output contracts for fifth consecutive month in December
February 6, 2020
Industrial production declined 3.4% year-on-year in working-day adjusted terms December 2019, which followed the 3.2% drop recorded in November.
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Czech Republic: Defying expectations, CNB hikes rates in February
February 6, 2020
At its first meeting of the year on 6 February, the board of the Czech National Bank (CNB) decided to lift the two-week repo rate by 25 basis points to 2.25%, marking the first hike since May 2019 and taking market analysts by surprise as the CNB was expected to stay put.
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Czech Republic: Manufacturing PMI climbs at the start of 2020 though remains in negative terrain
February 3, 2020
The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, rose from 43.6 in December 2019 to 45.2 in January, a seven-month high.
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