GDP in Czech Republic

Czech Republic GDP (EUR bn) | Economic News & Forecasts

Czech Republic - GDP (billions of Euros)

GDP growth moderates in Q3

GDP growth moderated to 1.7% year on year in the third quarter, down from 3.6% in the second quarter, but above the preliminary estimate of a 1.6% increase. A sharp downturn in domestic demand was behind the deceleration.

Household spending tanked 5.9% in the third quarter, which contrasted the second quarter's 0.2% expansion, as consumers were hit by soaring inflation, tighter financing conditions and plunging sentiment. Moreover, fixed investment growth slowed to 4.6% in Q3, from 6.7% in the previous quarter, also weighed down by the economic impact of the war in Ukraine and heightened global economic uncertainty. Additionally, public spending fell 1.2% in Q3 (Q2: +1.8% yoy).

On the external front, exports of goods and services increased 10.5% in the third quarter, which was above the second quarter's 1.6% expansion, underpinned by rising foreign sales of electrical equipment and motor vehicles. Meanwhile, imports of goods and services growth rose to 6.2% in Q3 (Q2: +1.8% yoy).

On a seasonally-adjusted quarter-on-quarter basis, the economy contracted 0.2% in Q3, swinging from the previous quarter's 0.4% growth but above the preliminary release of a 0.4% drop.

Available data points to a further loss of momentum in Q4, as in October and November the manufacturing PMI remained entrenched in contractionary terrain, while both businesses and consumers grew more pessimistic on average. On top of this, higher interest rates and a cooling housing market spell trouble for activity. As for next year, the economy should expand at a subdued rate, as domestic demand is hit by still-elevated inflation and high financing costs, while the external sector suffers the impact of a Europe-wide economic slowdown. Some support to growth will be provided by EU Next Generation funds, however. Volatile energy prices due to the war in Ukraine represent a downside risk.

FocusEconomics analysts see GDP expanding 0.4% in 2023, which is down 0.5 percentage points from last month’s forecast, and 2.8% in 2024.

Czech Republic - GDP (EUR bn) Data

2015   2016   2017   2018   2019  
GDP (EUR bn)169  176  192  207  220  

Sample Report

5 years of economic forecasts for more than 30 economic indicators.


Czech Republic Facts

Value Change Date
Bond Yield1.64-1.85 %Dec 31
Exchange Rate22.76-0.66 %Dec 30

Sample Report

Get a sample report showing our regional, country and commodities data and analysis.


Request a Trial

Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.

Sign Up

Economic News

Search form