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Czech economy drops 10.9% in Q2

The Czech economy experienced a fall of 10.9% in the second quarter of 2020, according to revised data released by the Czech Statistics Office (CZSO).

The statistic is the worst in the history of the independent Czech Republic and was primarily caused by the restrictive measures connected to the coronavirus pandemic.

Estimates predicted a year-on-year fall of 10.7% and a quarter-on-quarter of 8.4%. According to experts, the quarter-on-quarter GDP is expected to increase again after most restrictions on economic activity have been lifted.

The unemployment rate in Czechia was steady for the third consecutive month at 3.8% in September, Minister of Labor and Social Affairs Jana Maláčová announced at a press conference on Friday.

A year ago, the jobless rate was lower at 2.7%. The countryʼs labor offices registered over 277,000 job seekers last month, Maláčová said.