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2024: Czech GDP stagnates
2023
2022
GDP size - $0.29 trillion
Industry's high share of GDP
2021
GDP size - $0.28 trillion
Agriculture's share of GDP is less than 2%
2020: Record decline in Czech GDP, by 5.6%
The Czech economy in 2020 fell record: the decline in the country's GDP amounted to 5.6% compared to 2019. Prior to that, the indicator showed positive dynamics for six years in a row. This is evidenced by data from the Czech Statistical Office.
Experts of the department linked the reduction in GDP with the COVID-19 coronavirus pandemic, due to which strict restrictions were introduced in the Czech Republic. They, in turn, led to a reduction in spending on the population, a drop in production and profits in the field of trade, the curtailment of restaurant, hotel and tourism activities, as well as the pace of household and industrial construction. Large losses were incurred by transport enterprises, including airlines. In addition, in the first half of last year, the demand for Czech goods sharply decreased in the global market, the Czech Statistical Office reported.
According to the ministry, the GDP of the Czech Republic in 2020 decreased in each quarter compared to the previous year. In April-June, the rate of decline exceeded 10% and was higher than the forecasts of analysts surveyed by the Czech News Agency. The latter predicted a 6-7% contraction in the economy at the end of 2020, Radio Prague notes.
 | Czech families have limited their expenses for the purchase of long-term and medium-term items and payment for services, "said Vladimir Kermit, head of the national data department of the Czech Statistical Office. |  |
In the fourth quarter of 2020, Czech GDP increased by 0.3% compared to the previous three months. According to analyst Martin Gürtler, the economy improved at the end of the year thanks to the lifting of a number of restrictive measures before Christmas, which contributed to a surge in store sales and a rise in demand in the service sector.[1]
2018
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