Czech economy sees worst second quarter in history

  • World
  • Saturday, 01 Aug 2020

PRAGUE, July 31 (Xinhua) -- The Czech Republic's gross domestic product (GDP) fell by 8.4 percent quarter on quarter and 10.7 percent year on year for the second quarter, according to the preliminary estimate by the Czech Statistical Office (CSU) published on Friday.

This is the worst second quarter in the domestic economy's recorded history, said the office.

This negative development was mainly owed to a significant decline in foreign demand coupled with an overall decrease in household consumption and investment activity, the CSU said.

Gross value added (GVA) also declined in nearly every sector of the domestic economy, hitting trade, transport, accommodation and hospitality especially hard.

On top of this, employment decreased by 1.6 percent compared to the previous quarter, and 2.1 percent compared to last year.

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