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
Note: This chart displays Economic Growth (GDP, annual variation in %) for Czech Republic from 2014 to 2023.
Source: Macrobond.
Czech Republic GDP Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 3.5 | -5.3 | 4.0 | 2.9 | 0.0 |
GDP (USD bn) | 257 | 251 | 291 | 302 | 343 |
GDP (EUR bn) | 229 | 220 | 246 | 287 | 317 |
GDP (CZK bn) | 5,889 | 5,828 | 6,308 | 7,050 | 7,619 |
Economic Growth (Nominal GDP, ann. var. %) | 7.5 | -1.0 | 8.2 | 11.8 | 8.1 |
GDP growth inches down in Q1
The economy lost some steam in Q1 2024, when GDP growth waned to 0.3% in a seasonally adjusted quarter-on-quarter basis. Q1’s reading came in below Q4 2023’s 0.4% increase and the 0.5% rise reported in the Q1 preliminary estimate. On an annual basis, GDP growth was stable at Q4 2023’s 0.2% in Q1. The result was a deterioration from the preliminary projection of a 0.4% annual rise.
Domestically, the moderation in quarter-on-quarter growth reflected weaker fixed investment, which fell 7.9%, deteriorating from the prior quarter’s 2.0% expansion. More positively, both public and private consumption improved. Public spending growth accelerated to 1.0% in Q1 (Q4: +0.6% s.a. qoq). Similarly, private consumption growth doubled to 1.0% in Q1 from Q4’s 0.5% rise. Turning to the external sector, exports of goods and services growth accelerated to 2.2% in seasonally adjusted quarter-on-quarter terms in Q1, marginally up from the prior period’s 2.1% increase. Additionally, imports of goods and services rebounded by 2.7% s.a. qoq in Q1 (Q4: -2.4% s.a. qoq).
Our panelists expect GDP growth to accelerate in sequential terms from Q1’s level in the coming quarters. Overall, in 2024, our Consensus is for the economy to rebound from last year’s shallow contraction. The improvement will be spearheaded by a recovery in private consumption as purchasing power is supported by lower interest rates and inflation.
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 39 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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