Economic Growth in Czech Republic
In the year 2024, the economic growth in Czech Republic was 1.00%, compared to 2.25% in 2014 and 0.06% in 2023. It averaged 2.18% over the last decade. For more GDP information, visit our dedicated page.
Czech Republic GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Czech Republic from 2024 to 2023.
Source: Macrobond.
Czech Republic GDP Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Economic Growth (Real GDP, ann. var. %) | -5.3 | 4.0 | 2.9 | 0.1 | 1.0 |
GDP (USD bn) | 251 | 291 | 302 | 343 | 345 |
GDP (EUR bn) | 220 | 246 | 287 | 317 | 319 |
GDP (CZK bn) | 5,828 | 6,308 | 7,050 | 7,619 | 8,011 |
Economic Growth (Nominal GDP, ann. var. %) | -1.0 | 8.2 | 11.8 | 8.1 | 5.1 |
GDP growth decelerates in Q1
Economic growth continues in Q1: According to a preliminary estimate, the economy expanded 0.5% on a calendar- and seasonally adjusted quarter-on-quarter basis in Q1 (Q4 2024: +0.7% qoq s.a.), matching our Consensus. The result marked the sixth consecutive quarterly expansion and outpaced the average pace of growth in the post-pandemic era. On a calendar- and seasonally adjusted annual basis, economic growth rose to 2.0% in Q1 (Q4 2024: +1.8% yoy s.a.), marking the best result since Q3 2022.
Private consumption leads the expansion: A complete breakdown will be released on 30 May, but the statistical office noted that the result was driven by private consumption and fixed investment: The former was likely bolstered by tighter labor market conditions and the latter by interest rate cuts. Moreover, external demand also contributed positively, with a rebound in the German economy in Q1 likely providing support.
GDP growth to accelerate but miss the 10-year pre-Covid average in 2025: Our panelists expect GDP growth to broadly stabilize around Q1’s sequential pace in the coming quarters. Accordingly, in 2025 as a whole, economic growth should double from 2024’s level. Lower interest rates should fuel a rebound in fixed investment, and stronger EU demand will likely buttress exports. Moreover, consumer spending should provide impetus on the back of healthy real wage growth. That said, rising EU-U.S. trade tensions prompted our panelists to trim their forecasts recently, and GDP growth is projected to remain below the pre-pandemic 10-year average of 2.5% through 2026. Higher-than-expected U.S. tariffs and a weaker-than-anticipated German economy are downside risks.
Panelist insight: Commenting on the outlook, Goldman Sachs’s Kevin Daly and Basak Edizgil stated: “We find that the Czech Republic is among the most vulnerable EM economies to US tariff increases, reflecting their exposure to trade diversion effects (given the importance of auto and capital goods production for Czechia). We have therefore downgraded sequential growth for the remainder of this year, and continue to forecast growth to remain below trend in 2025.”
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 40 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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