GDP Preliminary Estimate - 3rd quarter of 2020

According to a preliminary estimate, the gross domestic product decreased in the Q3 2020 by 5.8%, year-on-year; in the quarter-on-quarter comparison it increased by 6.2%.

The Czech economy mitigated its downturn in the Q3 2020; in the quarter-on-quarter comparison, it increased thanks to a low comparison basis. The gross domestic product (GDP) adjusted for price effects and seasonally adjusted¹ decreased in the Q3 2020, according to the preliminary estimate, by 5.8% compared to the Q3 2019 and compared to the Q2 2020 it increased by 6.2%.

The negative year-on-year GDP development was caused mainly by a decrease in capital formation and by lower household consumption. The gross value added (GVA) decreased in majority of economic activities of the national economy. A negative influence on the GVA decrease came mainly from the development in industry and a group of economic activities of trade, transportation, and accommodation and food service activities. 

Employment² decreased in the Q3 2020 by 1.7%, compared to the corresponding quarter of the previous year, and by 0.1%, compared to the Q2 2020.

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Responsible head at the CZSO: Vladimír Kermiet, Director of the National Accounts Department, phone number: (+420) 274 054 247, e-mail: vladimir.kermiet@csu.gov.cz
Contact person: Jan Benedikt, Head of the Quarterly Estimates Unit, phone number: (+420) 274 052 750, e‑mail: jan.benedikt@csu.gov.cz
Used data sources updated as at: 27 October 2020
Related CZSO web page: https://csu.gov.cz/quarterly-national-accounts-gdp-resources-and-uses-and-gdp-preliminary-estimate
Next News Release will be published on: 1 December 2020 
(GDP resources and uses for the Q3 2020)