Czech economy shrank sharply in second quarter

GDP posts record fall of 10.7% year-on-year in Q2 amid the pandemic. Czech economy is now officially in recession, after the GDP declined for the second consecutive quarter.



This is a better result than many analysts expected. According to them, the Czech economy should show quarter-on-quarter growth in Q3.


According to the Czech Statistical Office, the decline was mainly caused by a major drop in foreign demand, lower household spending and lower investment activity. Reduction or closure of operations in industry, trade, transport, hospitality and accommodation sectors all had a significant negative effect.

Czech news in English, for expats and for other people interested in our country. The articles do not include our opinion and they are purely informative.

      Sources

  • CzechTV 

  • Seznamzpravy.cz

  • iRozhlas

  • DenikN

  • ČTK

  • other sources noted

  • Source of the pictures: Pixabay, other source is noted 

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