Economic policy / Macroeconomic Indicators, Economic Growth
This section reports on economic policy initiatives of the Czech government, the EU, and other entities that have a direct impact on the competitiveness of the country. It also includes information on economic priorities of the AmCham and other leading associations.
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Spotlight issue
Economy driven by consumption and investments; exports are the brake
According to a revised estimate, the Czech economy grew 1.0% qoq in 2Q21, after declining 0.4% in 1Q. A preliminary estimate showed growth of only 0.6%. In a year-on-year comparison, GDP grew at a rate of 8.2%, while the preliminary estimate showed 7.8%. Let us recall that the original expectations of economic development for the second quarter were significantly higher, the market consensus was around 2.0% quarter-on-quarter growth. So 1% growth is disappointing in light of the economy waking up after COVID-19 closures. However, given the level of uncertainty, such a surprise is understandable.
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Industry is growing, but missing components are putting on the brakes
Industrial production increased month-on-month, although missing components led to a further decline in car production. The decline in exports and the growth of imports unexpectedly dragged the foreign trade balance into a deficit in June. The construction industry stagnated month-on-month, and its production thus remained in solid growth year-on-year.
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New programme period: one trillion Czech crowns and simpler procedures for applicants
At the end of June, the Czech Ministry for Regional Development held a conference entitled “Green and Digital Czechia? But What About People…”, at which it presented the main goals and investment opportunities encompassed within the EU funds for the following programme period of 2021–2027.
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