14/11/2021
The Czech economy in 2020 has fallen to a record level: the country's GDP declined by 5.6% relative to 2019. Prior to that, the indicator showed a positive trend for six consecutive years. This is evidenced by data from the Czech Statistical Office.
Experts of the agency associated the decline in GDP with the pandemic of coronavirus COVID-19, because of which the Czech Republic have been introduced severe restrictions. They, in turn, have led to a reduction in consumer spending, the fall of production and profits in trade, curtailment of the restaurant, hotel and tourism activities, as well as rates of domestic and industrial construction. Major losses were incurred by transport enterprises, including airlines. In addition, in the first half of last year the demand for Czech goods on the world market dropped sharply, the Czech Statistical Office reported.