The living standard of households in Czech Republic is almost as high as it was before the start of the pandemic

Published: 02.07.2021 Related countries:  United Kingdom United Kingdom

Despite the peak of pandemic in the first quarter of the 2021 the living standard of Czech households has gotten much better in that particular period. The current situation is comparable with figures from the year 2019.

The biggest downfall of the living standards was recorded in spring 2020, when especially the group of people aged from 45 to 60 were influenced the most. On the other hand, the current rise of figures is carried mainly by the younger generation. According to the KPMG the systematic support of employment during the lockdowns has helped keeping the unemployment rate relatively low and also has maintained the income of households stable. The rise of gross domestic savings, which is the highest since the establishment of Czech Republic, affirms the previous statement. However, the costs of that were shifted onto the public budget, which might become unsustainable in terms of the debt to GDP ratio. 

Source: ČTK