Czechia
In the first half of 2020, all the components of aggregate demand (except for public consumption) declined strongly, with foreign trade making a particularly big contribution to the overall drop in GDP. The rise in unemployment has been moderate, but real wages have declined. The modest improvements optimistically expected in the second half of the year will not be enough to compensate for the initial losses. Positive growth may return in 2021, but a strong showing is not expected.
| FORECAST* | ||||||
|---|---|---|---|---|---|---|
| Main Economic Indicators | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| Population, 1000 persons | 10594 | 10630 | 10672 | . | . | . |
| GDP, real change in % | 5.2 | 3.2 | 2.3 | -6.6 | 3.9 | 3.5 |
| GDP per capita (EUR at PPP) | 26670 | 27900 | 28890 | . | . | . |
| Gross industrial production, real change in % | 6.5 | 3.1 | -0.3 | . | . | . |
| Unemployment rate - LFS, in %, average | 2.9 | 2.2 | 2.0 | 2.7 | 3.1 | 3.0 |
| Average gross monthly wages, EUR | 1126 | 1250 | 1329 | . | . | . |
| Consumer prices, % p.a. | 2.4 | 2.0 | 2.6 | 3.0 | 2.1 | 2.0 |
| Fiscal balance in % of GDP | 1.5 | 0.9 | 0.3 | . | . | . |
| Public debt in % of GDP | 34.2 | 32.1 | 30.2 | . | . | . |
| Current account in % of GDP | 1.5 | 0.5 | -0.3 | 0.5 | 0.0 | 0.2 |
| FDI inflow, EUR mn | 9997 | 7129 | 8314 | . | . | . |
| Gross external debt in % of GDP | 88.1 | 81.3 | 77.0 | . | . | . |
Basic data are continuously updated.
* Forecasts are changed beginning of March, July and November.
See Press Conferences.
CZECH REPUBLIC: No V-shaped recovery in sight
Leon Podkaminer
in: No Quick Recovery in Sight, with Coronavirus Risks Looming Large
wiiw Forecast Report No. Autumn 2020, November 2020 , pp. 56-59
Details and Buy
Monthly Report No. 5/2020
Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter, Bernd Christoph Ströhm and Hermine Vidovic
wiiw Monthly Report No. 5, May 2020
96 pages including 27 Tables and 39 Figures