Economic policy / Macroeconomic Indicators, Economic Growth
This section reports on economic policy initiatives of the Czech government, the EU, and other entities that have a direct impact on the competitiveness of the country. It also includes information on economic priorities of the AmCham and other leading associations.
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Spotlight issue
A mixed economic picture in the Czech Republic
Industrial production fell by 2.6% YoY in February amid weak production of cars due to reduced semiconductor chip supplies. Retail sales fell by 3% YoY, but given the pandemic restrictions, this was not too bad a result.
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Czech confidence drops further in March
As another lockdown comes into force in the Czech Republic, household confidence plummeted in March to levels seen last November and are only slightly higher than they were during the first wave. Business confidence declined too, but mainly due to services. In general, it remains solidly above the lows of the first wave of the pandemic
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Czech industry weakened slightly at the beginning of the year
At the beginning of the year, industrial production weakened roughly as expected, as car production declined. Domestic orders fell sharply. We expect manufacturing to weaken for the entire first quarter. The brake is on the supply of components and restrictions for workers due to the pandemic. In the coming quarters, production growth should continue, reaching less than 10% for the whole year.
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