Due to the impact of the covid crisis, the Confederation of Industry of the Czech Republic has worsened the estimate of the Czech GDP growth for 2021 to 2.4 per cent. This is due to problems with logistics, missing parts and a rapid rise in the price of many inputs. Next year should be better, with industrial firms expecting growth in orders and profits, according to the survey. GDP growth in 2022 could approach 4 per cent, the Confederation estimates.
The Czech Republic is thus expected to grow at roughly half the rate of the EU as a whole. According to the latest forecast of BusinessEurope, the Confederation of European Business, the EU GDP could grow by roughly 4.8 per cent in 2021, while the European Commission expects growth of 5 percent.
Prepared by the team of foreign office CzechTrade Belgium