Czech economy sees steepest slide in country’s modern history
The Czech economy declined by 5.6 percent in 2020; the steepest fall since the establishment of the independent Czech Republic in 1993, according to data released by the Czech Statistics Office. The drop was preceded by six years of consecutive growth.
In the fourth quarter of 2020, the GDP fell by 4.8 percent year on year, but rose by 0.6 percent compared to the third quarter. Household income grew by 2.8 percent last year, while spending fell by 2.9 percent, mainly due to the anti-Covid measures imposed.