Czech Republic's GDP: Historical Data, Trends, and Forecasts
Historical Data and Trends
The World Bank and OECD provide comprehensive data on Czech Republic's GDP in current US dollars, dating back to 1960. Over the past six decades, the country's GDP has experienced significant growth, with some fluctuations along the way.
According to the data, Czech Republic's GDP has grown from $14.7 billion in 1960 to $266.5 billion in 2023. This represents an average annual growth rate of approximately 3.5%. However, there have been periods of faster and slower growth.
For example, the country experienced a period of strong growth in the early 1990s following the Velvet Revolution and transition to a market economy. During this time, GDP grew by an average of over 5% per year.
However, the growth rate slowed in the late 1990s and early 2000s, and the country even experienced a brief recession in 2009 following the global financial crisis. In recent years, GDP growth has picked up again, averaging over 2% per year.
Annual GDP Growth
The annual GDP growth rate provides insights into the short-term performance of the Czech economy. According to the World Bank, the Czech GDP expanded by 0.5% in the first quarter of 2024, the sharpest quarterly growth since 2021.
This growth was driven by strong performance in the manufacturing and services sectors. The government's fiscal stimulus package, which included infrastructure spending and support for businesses, also contributed to the positive growth.
Forecasts
The International Monetary Fund (IMF) forecasts that Czech Republic's GDP will continue to grow in the coming years, albeit at a slower pace. In its latest World Economic Outlook report, the IMF projects GDP growth of 2.1% in 2024 and 2.3% in 2025.
The IMF's forecast is based on expectations of continued strong domestic demand and solid exports. However, it also notes that risks to the outlook remain, including global economic uncertainty and geopolitical tensions.
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