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
|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||6,786|
|Economic Growth (Nominal GDP, ann. var. %)||5.9||7.0||-1.4||7.0||11.1|
Economy contracts in Q3
The economy shrank 0.3% in seasonally adjusted quarter-on-quarter terms in Q3, following Q2’s flat reading. Meanwhile, output decreased 0.6% on a seasonally adjusted year-on-year basis in Q3, matching the 0.6% contraction recorded in Q2.
According to a press release, domestic demand weighed on quarter-on-quarter growth. Moreover, employment decreased by 0.7% quarter on quarter.
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.
To Download one of our sample reports to visualize what a Consensus Forecast is and see our Czech GDP projections.
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