Finance Ministry: Cutting gas imports from Russia would hit Czech economy next winter

Halting the flow of gas supplies from Russia would have a significant macroeconomic impact on Czechia only from the onset of next year’s winter heating season, according to an analysis by the country’s Finance Ministry. Czech GDP in 2023 would fall by 2.9 percent as a result of the gas cuts. Meanwhile, in 2024, the damage would be equivalent of up to 1.6 percent of GDP.

According to the Ministry of Finance, Czechia’s households and industry are not in danger of being impacted by gas cuts this year due to the accumulation of sufficient reserves and the renting out of LNG terminals abroad.