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
Czech industry in recovery mode in September
Industrial production grew by 4% in September but was down 1.5% year-on-year after an average 5% contraction during the summer months, mainly driven by car production. This solid recovery might not last long due to the renewed Covid wave in the Europe. Since the beginning of the year, industry has fallen by 10.9%
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Inflation below 3% thanks to lower energy prices
In October, Czech consumer prices decelerated due to lower prices of energy. Inflation declined slightly below the market expectation as well as below the CNB forecast. However, the surprise was small while core inflation remained elevated at 3.7% yoy. Monetary policy has no reason for change, and the central bank will wait for further development.
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The economy recovered significantly but unfortunately only temporarily
According to the CZSO's preliminary estimate published today, the Czech economy strongly rebounded in 3Q. Domestic GDP grew 6.2% qoq, and its yoy decline thus slowed to 5.8%. Compared with market expectations, this was a slightly better result, as the analysts expected GDP to rise 5.0% qoq on average. The economy also performed better compared with our forecast, which expected 5.3% qoq growth. The Czech National Bank was much more pessimistic, as it predicted an increase in economic activity of only 2.8% in its latest forecast.
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