Q2 GDP down 10.7% y/y; employment down 2.1%

Published: 03.08.2020 Related countries:  New Zealand New Zealand, Australia Australia

The negative development was caused mainly by a drop in foreign demand and lower household consumption

GDP adjusted for price influences and seasonally was 8.4% lower q/q in the second quarter of 2020. It dropped 10.7% y/y, according to figures from the Czech Statistical Office. The negative development was caused mainly by a drop in foreign demand and lower household consumption and investment activity. GVA decreased in almost all economic sectors. The development in the industry as well as in commerce, transport, accommodation and hospitality had a significantly negative impact on the drop of GVA.

Employment dropped 1.6% q/q and 2.1% y/y.

 Source: Daily news | ČIA news

Czech Trade and Czech Invest Sydney