In Brief: Czech GDP Records Worst Ever Slump of 11%
According to new figures from the Czech Statistical Office, the Czech Republic has seen its worst ever drop in GDP. So far in 2020, the Czech economy has contracted by 11%. Photo credit: Stock photo / Freepik.
Czech Rep., Sep 3 (BD) – The Czech economy has recorded its most severe downturn since the country became independent in 1993. According to a report published by the Czech Statistical Office (CZSO) on September 1st, the Gross Domestic Product (GDP) has decreased by 11% year-on-year and 8.7% compared to the previous quarter. The drop was mainly due to lower foreign demand, as well as decreased consumer and capital expenditure.
Employment in the Czech Republic dropped by 1.4% in the second quarter of 2020, and by 1.9% year-on-year. The number of recorded working hours also decreased by nearly 8% since the previous quarter and 10.7% from last year, according to Vladimír Kermiet, Director of the CZSO National Accounts Department.