Decline affected industry and services, GDP down 11%

Published: 16.09.2020 Related countries:  Japan Japan

The Czech economy went through the deepest decline ever in Q2 2020.

The recession affected industry and services and its effects were also reflected in employment and average wages. The Czech Statistical Office informed that the year-on-year decline in the economy reached 11.0%. Foreign demand in particular contributed to the overall decline. Domestic consumption decreased by 4.8% year-on-year. The direct impacts of COVID-19-related measures mainly concerned the trade, transport, accommodation and food service activities, where gross value added fell by 20.5% y/y.