The Czech economy recorded a record decline in the second quarter


The Czech economy contracted by 10.9% in the second quarter of 2020, the most severe decline in the country’s history, according to revised data released by the Czech Statistical Office.

Czechia’s GDP is expected to decline between 6% and 8% this year, followed by an advance of 3.9% next year.

Amid the pandemic crisis, the deficit target has been set at 500 billion Czech crowns, or 8.8% of GDP, from the initial target of 40 billion Czech crowns, but the budget is on schedule for a deficit of 400 billion Czech crowns.

Monthly income from employment decreased by 7.1%

The average monthly income from employment reached CZK 34.142 in the Q2 and it decreased in real terms by 7.1%, compared to last quarter.

In the year-on-year comparison it was 7.4% down.

The significant decrease of income from employment reflected shutdown of production and closure of some (business) establishments/premises due to coronavirus pandemic.

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