Czech Republic’s Economy Falls following a Decline in Exports
By: The Quinnipiac University Economics Research Team, Nick Ciampanelli
Caused in part by a 23.3% decline in exports this past quarter, the Czech Republic’s economy experienced a quarter-over-quarter contraction of 8.4% and a year-over-year contraction of 10.7%. The drastic change in Czech exports account for 7.9% of the overall decline in the Czech economy and caused the country’s foreign trade balance to fall to 56.5 Billion CZK – its lowest level since 2012. Additionally, COVID-19 travel restrictions triggered a decline in demand for gas, oil, and automobile equipment and resulted in imports falling by 18.2% this past quarter.