GDP Preliminary Estimate - 4. quarter of 2021
GDP increased by 3.3% in 2021
Publication Date: 01. 02. 2022
Product Code: 050055-21
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%.
Responsible head at the CZSO: Vladimír Kermiet, Director of the National Accounts Department, phone number: (+420) 274 054 247,
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 January 2022
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 March 2022
(GDP resources and uses for the Q4 2021)
[1] All data presented in this News Release are adjusted for price changes and seasonal and calendar effects.
[2] employment in terms of national accounts