2020 brought steepest economic decline in country’s modern history

In 2020 the Czech economy experienced the steepest drop in the country’s modern history, the Czech Statistics Office reported.

The gross domestic product fell by 5.6 percent, after growing for six consecutive years, the office said, citing various factors linked to the coronavirus pandemic.

In the fourth quarter of last year, when the country operated largely in lockdown mode, the GDP fell by 5 percent.

Lower household consumption and a sharp decline in foreign demand in the first half of the year also contributed to the year-on-year decline.

The trade, transport, and hospitality sectors were the worst affected but the sphere of industry, construction and services suffered as well.

Employment fell by 1.6 percent last year.