The Czech economy grew last year. The gross domestic product (GDP) adjusted for price effects and seasonally adjusted[1] increased in 2021, according to the preliminary estimate, by 3.3% compared to 2020. The growth was supported by final consumption expenditure and a change in inventories, whereas external demand had a negative influence. The growth of the gross value added (GVA) was influenced the most significantly by the development in industry, in a group of economic activities of trade, transportation, and accommodation and food service activities and in a group of economic activities of public administration, education, and human health and social work activities.

In the Q4 2021, the GDP increased by 0.9%, quarter-on-quarter, and by 3.6%, year-on-year. In the quarter-on-quarter comparison, the growth was mainly supported by external demand. The year-on-year growth was mainly influenced by final consumption expenditure of households and gross capital formation. On the GVA formation side, mainly a group of economic activities of trade, transportation, and accommodation and food service activities was successful. Industry reported a decrease.

Employment[2] increased by 0.1% in 2021. In the Q4 2021, employment remained unchanged, compared to the previous quarter; when compared to the corresponding quarter of the previous year, it increased by 1.3%.