Czech GDP figures revised upwards for Q3, but 7% decline expected for 2020

The Czech Statistics Office has released a slightly improved analysis of the country's economic results which paints a slightly better picture than before. The CSU previously claimed that GDP dropped 5.8 percent in the third quarter of 2020 and 10.9 percent in the second quarter. The finalized figures have been revised upwards to show just a 5 percent drop in Q3 and a 10.7 percent fall in Q4. It was the results of retail, accommodations and industry that dragged down output following the shock of the Covid-19 pandemic. "Domestic demand also developed negatively" said CSU's Vladimir Kermiet. "Corporate investments into machinery, equipment and transportation fell as did domestic investments into their homes. Household spending also fell by nearly 4 percent." On a more positive note, the CSU pointed out that on a quarter-to-quarter basis, GDP grew 6.9 percent between July and September. But economists warn that fourth quarter figures will once again be hit hard by the impact of the pandemic's second wave. Overall, current GDP estimates for 2020 put the decline at around 7 percent.