Czech economy grew by 1% in 2024, according to Czech Statistical Office estimates

The Czech economy grew by 1% last year, according to preliminary estimates published on Friday by the Czech Statistical Office (CZSO). In 2023, by comparison, it fell by 0.1%. In the final quarter of 2024, gross domestic product (GDP) increased by 1.6 percent year-on-year, which, compared with the previous quarter, was 0.5% higher. At the end of March, the office will refine the current GDP estimate.

According to the CZSO, the growth was supported by higher spending on final consumption by households and government institutions. The recovery of the Czech economy is expected to continue this year. The Ministry of Finance expects GDP to grow by 2.3% over 2025, while analysts also expect growth of around 2%.

Author: Danny Bate