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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Czech wages surprise on the upside in the third quarter
Average wages accelerated by 5% in the third quarter after growing by just 0.6% in the previous quarter due to the Covid lockdown. Though a better than expected figure, a statistical effect may have played a role and optimism is fading amid a second wave of Covid-19
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After a strong 6.9% recovery in 3Q, Czech GDP should fall again at year-end
The CZSO's refined estimate of Czech GDP published today brought a significant revision of the advance figures announced at the end of October. In the third quarter, the Czech economy grew by 6.9% qoq, which is 0.7pp more than originally estimated by the statistical office. The year-on-year decline thus eased from -10.9% in 2Q to -5.0%.
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Czech Republic: Growth is better than expected
Revised GDP data from the Czech Republic suggests that the third-quarter was slightly better than the first estimate. The economy grew by 6.9%, but the second wave of the pandemic will push the last quarter into contractionary territory again but the overall outlook for 2021 should improve as vaccines become available
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