GDP Preliminary Estimate - 2nd quarter of 2020

GDP decreased by 8.4%, q-o-q

31.07.2020
Code: 050055-20
 

According to a preliminary estimate, the gross domestic product decreased in the Q2 2020 by 8.4%, quarter-on-quarter, and by 10.7%, year-on-year.


In the Q2 2020, the Czech economy was at a historical low. The gross domestic product (GDP) adjusted for price effects and seasonally adjusted[1] decreased in the Q2 2020, according to the preliminary estimate, by 8.4% compared to the Q1 2020 and compared to the Q2 2019 it decreased by 10.7%.

The negative year-on-year GDP development was caused mainly by a marked decrease in external demand and by lower household consumption as well as investment activity. The gross value added (GVA) decreased in almost all economic activities of the national economy. A markedly negative influence on the GVA decrease came from industry and a group of economic activities of trade, transportation, and accommodation and food service activities.

Employment[2] decreased in the Q2 2020, compared to the previous quarter, by 1.6%; when compared to the corresponding quarter of the previous year, it decreased by 2.1%.

 

Responsible head at the CZSO: Vladimír Kermiet, Director of the National Accounts Department, phone number: (+420) 274 054 247, e-mail: vladimir.kermiet@czso.cz
Contact person: Jan Benedikt, Head of the Quarterly Estimates Unit, phone number: (+420) 274 052 750, e‑mail: jan.benedikt@czso.cz
Used data sources updated as at: 28 July 2020
Related CZSO web page: https://www.czso.cz/csu/czso/quarterly-national-accounts-gdp-resources-and-uses-and-gdp-preliminary-estimate
Next News Release will be published on: 1 September 2020
(GDP resources and uses for the Q2 2020)


[1] All data presented in this News Release are adjusted for seasonal and calendar effects.

[2] In terms of national accounts.

 

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Published: 31.07.2020
The data are valid as of the release date of the publication.


Contact: Information Services Unit - Headquarters, tel.: +420 274 056 789, email: infoservis@czso.cz