The negative impact of the second lockdown on the economy is still
significantly lower than the first one from the turn of March and
April 2020. This stems from an analysis by the Czech National Bank
(ČNB) based on data on electricity consumption. In the first week of
the first lockdown in March, electricity consumption fell by 0.3% y/y,
in the second week by 7%. The bottom was reached in mid-April
when the decline was -13.7% y/y. In contrast, in the week beginning
November 16, electricity consumption grew by 1.6%. A week earlier
it was + 1.5%. As part of GDP growth, the ČNB, therefore, assumes
with cautious optimism that the economic downturn in 4Q 2020 will
not reach the depth observed in 2Q (-8.7% q/q).
Source: CIA News
Prepared by the team of CzechTrade Cairo