Czechia

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The Czech economy grew in line with expectations in 2021, driven by household consumption as pandemic concerns faded into the background and savings started to be spent. Despite persistent supply-side troubles and sharply rising prices in the first two months of 2022, the pre-war outlook for growth over the forecast period was relatively favourable. The supply-chain pressures limiting exports showed signs of easing, and – boosted by the inflow of EU funds – investment activity was expected to accelerate. The war in Ukraine now limits these prospects. Great uncertainty, disruption and surging prices will dampen most channels of growth this year. We expect real GDP to grow modestly, by 2.6% in 2022, gradually picking up in 2023 and 2024.
        FORECAST*
Main Economic Indicators201920202021202220232024
Population, 1000 persons106721069810609...
GDP, real change in %3.0-5.83.32.63.54.2
GDP per capita (EUR at PPP)291602780029520...
Gross industrial production, real change in %-0.3-7.26.9...
Unemployment rate - LFS, in %, average2.02.62.82.52.52.2
Average gross monthly wages, EUR134713671478...
Consumer prices, % p.a.2.63.33.38.73.82.3
Fiscal balance in % of GDP0.3-5.8-5.9-5.0-2.7-0.5
Public debt in % of GDP30.137.741.9...
Current account in % of GDP0.32.0-0.9-2.2-1.20.0
FDI inflow, EUR m958273676491...
Gross external debt in % of GDP76.576.575.3...


Basic data are continuously updated.

* Forecasts are changed beginning of January, April, July and November.
See Press Conferences.

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CZECHIA: Mounting challenges depress otherwise solid growth prospects

Zuzana Zavarská
in: Overshadowed by War and Sanctions
wiiw Forecast Report No. Spring 2022, April 2022 , pp. 57-60
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Monthly Report No. 1/2022

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Richard Grieveson, Doris Hanzl-Weiss, Marcus How, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Sandor Richter, Bernd Christoph Ströhm, Maryna Tverdostup, Nina Vujanović, Zuzana Zavarská and Adam Żurawski
wiiw Monthly Report No. 1, January 2022
58 pages including 4 Tables and 21 Figures

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