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
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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Czech Republic: Better than expected recovery in 3Q
The Czech statistical office has released a preliminary estimate of 3Q GDP growth, which came in at 6.2% QoQ after an 8.7% fall in the second quarter. Markets expected weaker growth at around 5%, so a somewhat positive surprise. The second-wave of the Covid-19 pandemic will move the Czech economy to contract again in 4Q.
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Czech Economic Outlook: Lockdown version 2.0
The Czech economy declines again The second wave will push the economy lower once again. Consequently, GDP growth will also be lower next year. Compared with our July forecast, we expect the return to pre-crisis GDP to be postponed by one year, to 2023.
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