GDP falls by 10.7 percent year-on-year

The Czech GDP fell by 10.7 percent year-on-year and by 8.4 percent compared to the previous quarter, the Czech Statistics Office reported on Friday. The drop, which is ascribed to restrictions stemming from the coronavirus pandemic, is the steepest economic decline in the country’s modern history.

Prime Minister Andrej Babiš said in response to the news that the drop was expected and the next results would be better. He said he was certain Czech companies and entrepreneurs would adapt to the circumstances caused by pandemic.