Czechia
GDP fell by 5.6% in 2020, a smaller decline than had been expected. Although the intensity of the recession was still evident in the fourth quarter of 2020, manufacturing is recovering. A moderate decline in employment is still under way. Czechia’s economic fundamentals remain strong: the level of public debt is low, foreign-exchange reserves are very high and the trade balance is in surplus. Positive growth will return in 2021, although the rebound will not be particularly strong.
| FORECAST* | ||||||
|---|---|---|---|---|---|---|
| Main Economic Indicators | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| Population, 1000 persons | 10630 | 10672 | 10700 | . | . | . |
| GDP, real change in % | 3.2 | 2.3 | -5.6 | 2.9 | 3.2 | 3.9 |
| GDP per capita (EUR at PPP) | 27900 | 28890 | 27760 | . | . | . |
| Gross industrial production, real change in % | 3.1 | -0.3 | -7.2 | . | . | . |
| Unemployment rate - LFS, in %, average | 2.2 | 2.0 | 2.6 | 3.1 | 3.2 | 2.9 |
| Average gross monthly wages, EUR | 1250 | 1329 | 1346 | . | . | . |
| Consumer prices, % p.a. | 2.0 | 2.6 | 3.3 | 2.1 | 2.0 | 2.0 |
| Fiscal balance in % of GDP | 0.9 | 0.3 | -6.2 | . | . | . |
| Public debt in % of GDP | 32.1 | 30.3 | 38.1 | . | . | . |
| Current account in % of GDP | 0.5 | 0.3 | 3.6 | 2.2 | 2.8 | 2.4 |
| FDI inflow, EUR m | 7129 | 9582 | 5539 | . | . | . |
| Gross external debt in % of GDP | 81.3 | 77.0 | 76.7 | . | . | . |
Basic data are continuously updated.
* Forecasts are changed beginning of April, July and November.
See Press Conferences.
CZECHIA: Light at the end of the tunnel?
Leon Podkaminer
in: Darkest before the dawn?
wiiw Forecast Report No. Spring 2021, April 2021 , pp. 64-67
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