Chart data source – the GDP forecast (xlsx, 86 kB) Based on this forecast, the Czech economy will decline by 7.8% in 2020 and in 2021 GDP is expected to grow by 4.5% (previous spring forecast was on the level -6.2% GDP in 2020 and 6% in 2021). In 2019, the Czech Republic's gross domestic product amounted to around 250.69 billion U.S. dollars. FocusEconomics Consensus Forecast panelists, meanwhile, see the economy contracting 7.2% in 2020, which is down 0.2 percentage points from last month’s projection. Fitch expects the current account balance to decline from an estimated surplus of 0.3% of GDP in 2019 to a deficit of 0.3% on average in 2020-21 in the wake of decelerating external demand. The Macroeconomic Forecast is prepared on a quarterly basis. According to the Czech National Bank, GDP growth will reach 2.4% in 2020, mainly due to weaker external demand. Published 22 Sep 2020. It is published on a quarterly basis (usually in January, April, July and November). Czech Republic: GDP rebounds in Q3 on easing restrictions. This page provides - Czech Republic Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 1975-2019 Data | 2020-2021 Forecast | Historical | Chart | News. It should accelerate back to 2.8% in 2021. Fitch expects general government debt/GDP to increase by 7.1pp to 36.9% of GDP in 2020 (current peer median: 42.3%) before stabilising at an average of 34.8% in 2021-22. This statistic shows the government expenditure in the Czech Republic as a share of GDP forecast from 2019 to 2024. HICP inflation is forecast to increase to 2.6% in 2019, above the Czech National Bank’s target of 2%, influenced by steeper energy, services and processed food prices. As of 22 July, the authorities have borrowed CZK551.8 billion (9.8% of GDP) in 2020, meeting 75.5% of gross financing needs, at relatively low costs. The economy has been hit hard by lockdown measures and a … Macroeconomic Forecast - September 2020. Medium-Term Outlook for the Czech Republic in 2016 - 2020. until 2021) and for certain indicators an outlook for another 2 years (i.e. GDP (billions of $/Int. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Macroeconomic Forecast, Government Finance Statistics, State Debt, Tax, Fiscal Data CR, Fiscal Outlook. The maximum level was 227419 CZK Million and minimum was 109685 CZK Million Data published Quarterly by Statistical Office. GDP in Czech Republic is expected to reach 212.00 USD Billion by the end of 2020, according to Trading Economics global macro models and analysts expectations. As of June 2019, the unemployment rate in the Czech Republic was the lowest in the EU at 1.9%, and the poverty rate is the second lowest of OECD members only behind Denmark. GDP per capita PPP (USD) 40314.20 39800: 39800: 39800: 39800: 40500: GDP From Agriculture (CZK Million) 31858.00 31025: 31466: 33451: 33451 The maximum level was 44.9 % and minimum was 11.6 % Data published Yearly by … Government Debt to GDP in Czech Republic decreased to 30.8 % in 2019. This tempo will lead to a gradual convergence with the EU-28 average in terms of GDP per capita recalculated according to purchasing power parity. We expect economic output to drop by 5.6% in 2020. until 2024). World Bank national accounts data, and OECD National Accounts data files. The Macroeconomic Forecast is prepared by the Economic Policy Department of the Czech Ministry of Finance. The koruna will appreciate against the euro in 2021-22. Real GDP in 2020 was 5.6% lower than in 2019, while that of Slovakia fell by 5.2% and that of Poland by just 2.7%. They are symmetric and linearly widening. For 2020 and 2021, inflation is expected to moderate slightly and reach 2.3% and 2.0%, respectively. The Trading Economics Application Programming Interface (API) provides direct access to our data. The koruna will appreciate against the euro in 2021-22. The Macroeconomic Forecast is prepared by the Economic Policy Department of the Czech Ministry of Finance. The gross domestic product (GDP) measures of national income and output for a given country's economy. GDP Growth rate(%) 2020-6.499: 2021: 5.117: 2022: 4.304: 2023: 3.964: 2024: 3.038: 2025: 2.515 It contains a forecast for the years 2021 a 2022 and for certain indicators an outlook for 2 following years (i.e. Letenská 15 As of 2018, the Czech GDP per capita at purchasing power parity is $37,370 and $22,850 at nominal value. GDP growth – The average growth rate of the Czech economy should reach 1.7 percent in the second half of this decade. GDP Growth Rate in Czech Republic averaged 0.53 percent from 1995 until 2020, reaching an all time high of 6.90 percent in the third quarter of 2020 and a record low of -8.70 percent in the second quarter of 2020. The shock to aggregate demand and supply should therefore be only temporary and one-off in nature. The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. Some forecasters are not so optimistic; for example, FocusEconomics analysts see growth of 2.2% in 2020, which is down 0.1 percentage points from their last month’s forecast, and 2.4% in 2021. $) Nominal PPP; 2020: 241.98: 430.89: 2021: 278.89: 462.95: 2022: 298.90: 491.46: 2023: 317.55: 520.20: 2024: 333.91: 546.26: 2025: 348.39: 570.95 GDP growth (annual %) - Czech Republic. GDP based on PPP of Czech Republic increased from 183.06 billion international dollars in 2001 to 430.89 billion international dollars in 2020 growing at an average annual rate of 4.68%. It contains a forecast for the current and the following year (i.e. The Czech Republic is one of the countries hardest hit by the coronavirus pandemic in eastern Europe: after a recession of 5.6% in 2020 we forecast an incomplete economic recovery in 2021, driven by industrial exports. The forecast of main GDP indicators (in %) for 2020 are the following: Growth of GDP 2020: 2.0 Households final consumption expenditure: 2.6; Government final consumption expenditure: 1.4; Fixed gross capital Formation: 3.0; Export growth: 2,0Import Growth: 2.5; The Czech detailed version of this forecast is available here. Unemployment Rate in Czech Republic averaged 5.34 percent from 1990 until 2020, reaching an all time high of 9.69 percent in January of 2004 and a record low of 0.09 percent in February of 1990. 118 10 Praha 1, Fulfilment of the Maastricht Convergence Criteria, Budgetary Frameworks - Statistical information, Updated English translation of the Act on Management Companies and Investment Funds, Announcement of the Ministry of Finance on Treasury Bonds Auction (16th Tranche of 125th Issue), The Government not to set euro adoption date yet, Moody’s Rating Agency Upgrades Czech Republic’s Rating, The Ministry of Finance introduced the National Strategy for the Development of the Capital Market in the Czech Republic 2019 – 2023, The Czech republic´s position on digital taxation, Portál IISSP (pro registrované uživatele). In 2019, nominal GDP per capita in Czech Republic was 20,640 EUR. The Czech Republic's external finances are a key rating strength, with the net external creditor position of an estimated 19.4% of GDP at end-2019 above the current 'AA' median of 16%. 2020 2021 2022; GDP growth (%, yoy) 2,3-5,7: 3,2: 5,0: Inflation (%, yoy) 2,6: 3,3: 2,5: 2,2 ING’s latest economic and financial analysis on the economic costs of Covid-19 predicts the Czech Republic will show negative GDP for full-year 2020. It contains a forecast for the current and following years and for certain indicators an outlook for another 2 years. The Macroeconomic Forecast is prepared by the Economic Policy Department of the Czech Ministry of Finance. GDP is an important indicator of a country's economic power. Czech Republic GDP (Gross Domestic Product) was INT$406.05billion for 2020 in PPP terms. Economic Forecast Summary (December 2020) GDP is estimated to contract by 6.8% in 2020, and projected to recover slowly, by 1.5%, in 2021. World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2020, building on the lifetimes work of Angus Maddison. The forecast shows GDP for this year of 2.3% but hitting 3% in the early part of next year. The Macroeconomic Forecast is prepared by the Economic Policy Department of the Czech Ministry of Finance on a quarterly basis. The Commission expects that private consumption is likely to remain the main driver of GDP movements, despite slower growth in wages and pension incomes. For 2021, the panel sees GDP increasing 5.3%. Foreign trade and gross fixed capital … Czech April Inflation Rate Quickens to 7-Month High, Czech Jobless Rate Falls to 4-Month Low of 4.1% in April, Czech Construction Output Falls the Least in 11 Months, Czech Industrial Production Rises More than Expected, Czech Retail Activity Growth Misses Expectations, Czech Republic Manufacturing PMI at Highest Since January 2018, Czechia Economy Shrinks Less than Expected in Q1, Czech Business Sentiment at Over 1-Year High, Latvia Current Account Gap Widens in March, Indian Shares Flat, Book 1st Weekly Loss in 3, Turkish Lira Rebounds from Near Record Low, Hong Kong Economy Expands the Most in 10 Years, Poland Inflation Rate Rises to 13-Month High, Hong Kong Q1 GDP Growth Rate Revised Higher. October 30, 2020. until 2021) and for certain indicators an outlook for another 2 … The European Commission predicts GDP growth to slow down in 2020 and 2021 to 2.2% and 2.1%, respectively, which is broadly in line with the economy’s estimated potential growth rate. Czech Republic (red) Exports % of GDP 2020 Czech Republic (red) Find all indicators on Economy. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. The Czech Republic is one of the countries hardest hit by the coronavirus pandemic in eastern Europe: after a recession of 5.6% in 2020 we forecast an incomplete economic recovery in 2021, driven by industrial exports. - … Direct access to our calendar releases and historical data. It is published on a quarterly basis (usually in January, April, July and November). The Czech Republic has been one of the countries in Central Europe whose GDP has fallen the most. In 2020, GDP based on PPP for Czech Republic was 430.89 billion international dollars. Education Latest Trend Ranking; Education spending Indicator: 10 891 Tertiary US dollars/student 2015 Czech Republic US dollars/student: Tertiary US dollars/student 1995-2015 Czech Republic (red) Tertiary The Czech National Bank expects the economy to contract 8.2% in 2020, while it sees GDP rebounding and expanding 3.5% in 2021. Note: The confidence intervals of the GDP growth forecast reflect the predictive power of past forecasts. IMPACT OF COVID-19: As of December 1, 2020, 8,407 deaths had been attributed to the pandemic in the Czech Republic, and the economy was forecast to contract by 6.5 percent for the year. Nevertheless, the Czech economy will not avoid a deep recession. until 2023). The economy rebounded in quarter-on-quarter terms in the third quarter of the year, thanks to the easing of Covid-19-related restrictions. At European Union level, real GDP dropped by 6.2% (6.6% for the eurozone, according to Eurostat). Czech Republic has a below-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, fell behind that of the European Union by -1.6% over the past 10 years (2009 - 2019). Download historical data for 20 million indicators using your browser. GDP (PPP based) is gross domestic product converted to international dollars using purchasing power parity rates. The latest comprehensive information for - Czech Republic GDP Constant Prices - including latest news, historical data table, charts and more. 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