Economic Growth in Czech Republic
The economy surprised on the upside and expanded a timid 0.2% in quarter-on-quarter terms in Q1. The accompanying press release revealed that external demand was behind the expansion. On the other hand, gross fixed capital formation and total consumption both contracted, buffeted by elevated inflation and interest rates. Available data for the second quarter points to activity strengthening to some extent but remaining underwhelming. Both business and consumer sentiment gained some ground in April, although they remained in pessimistic terrain. On the other hand, the manufacturing PMI fell deeper into contractionary territory amid muted demand. Meanwhile, the pension system recorded its biggest ever deficit in Q1 2023, which spells trouble for the structural sustainability of pension spending.
Czech Republic Economic Growth Chart
This chart displays Economic Growth (Nominal GDP, ann. var. %) for Czech Republic from 2013 to 2022.
Czech Republic Economic Growth Data
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Economic Growth (Nominal GDP, ann. var. %) | 6.5 | 5.9 | 7.0 | -1.4 | 7.0 |