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Coronavirus

The Economy in the Czech Republic Experienced a Record Decline in 2020

February 2, 2021

PRAGUE — The economy in the Czech Republic experienced a record decline in 2020 amid the coronavirus pandemic.

The preliminary figures from the Czech Statistics Office released on Tuesday show that the Czech economy contracted by 5.6% last year compared with the previous year.

It is the worst result for the economy since the split of Czechoslovakia in 1993.

In the last quarter of 2020, the economy expanded by 0.3% compared with the previous quarter, mainly due to demand for Czech goods from abroad. The office said local household consumption and investments were down throughout the year.

The export-oriented Czech economy relies heavily on car production, an industry badly hit by the pandemic.

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