map Czechia
There are not too many reasons to be optimistic about the economic performance of Czechia in 2023. The economy will remain stagnant (0.1%) and inflation high (11%). With prices rising steeply, household consumption is dragging growth downward, as are declining inventories. Following a period of surprising resilience, industry is also losing steam. The dim outlook for Germany is further weakening Czechia’s prospects. A mild recovery can be expected in 2024, helped by inflation falling back.
Main Economic Indicators202020212022202320242025
Population, 1000 persons106981050610672...
GDP, real change in %-
GDP per capita (EUR at PPP)280502971031950...
Gross industrial production, real change in %-
Unemployment rate - LFS, in %, average2.
Average gross monthly wages, EUR136714781641...
Consumer prices, % p.a.3.33.314.811.04.02.8
Fiscal balance in % of GDP-5.8-5.1-3.2-4.2-1.9-1.0
Public debt in % of GDP37.742.044.2...
Current account in % of GDP2.0-2.8-6.1-1.2-0.6-0.1
FDI inflow, EUR m73671095310045...
Gross external debt in % of GDP76.376.366.9...

Basic data are continuously updated.

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


Executive summary

Branimir Jovanović
in: Beneath the Veneer of Calm
wiiw Forecast Report No. Autumn 2023, October 2023 , pp. I-VI


Monthly Report No. 7-8/2023

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Meryem Gökten, Richard Grieveson, Doris Hanzl-Weiss, 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. 7-8, July-August 2023
51 pages including 3 Tables, 24 Figures and 1 Box