Czech Statistical Office: GDP down 11% in Q2, worst result ever

Published: 02.09.2020 Related countries:  Czech Republic Czech Republic

Czech Republic recorded historical downturn of GDP in Q2.

The economy’s performance in Q2 2020 dropped by 11.0% y/y and by 8.7% q/q. This stems from a more accurate estimate by the Czech Statistical Office. Household consumption (-2.0 pp), capital expenditures (-0.2 pp) and foreign demand (-7.9 pp) contributed negatively to the year-on-year decline. Rising expenditures of government institutions made a positive contribution (+0.4 pp). Final consumption expenditure fell by 4.8% q/q and y/y. Of this, household expenditure fell by 6.3% in real terms compared with the previous quarter and by 7.6% compared with the same quarter in 2019. General government final consumption expenditure fell by 1.5% q/q and grew by 1.8% y/y.

Source: ČIA NEWS, September 2nd, 2020
Compiled by the team of CzechTrade office in Riga.