The results of the Czech economy in Q3 were slightly surprising and indicate that growth is becoming increasingly robust. GDP rose by 2.8 % year on year, the highest figure in three years. GDP increased by 0.8% compared to the previous quarter. Compared with the first half of the year, the pace of growth has picked up, and concerns about a slowdown have not materialised. In addition, GDP growth was evenly distributed among all components of demand in Q3. The overall results show that domestic economic growth continues to gather momentum.
Household consumption expenditure remained a key factor in overall GDP growth, increasing by 3% year on year in Q3. This was driven mainly by buoyant wage growth. In addition, solid growth in government expenditure continued at a rate of around 2%. The surge in fixed investment, which rose by 1.7% year on year, came as a positive surprise. A significant contribution stems from government investment activity, but even so, growth in investment demand has been relatively broad-based, increasing the chances that it will continue. Moreover, this was accompanied by a further increase in inventories.
Foreign trade also made a positive contribution to GDP growth in Q3. Exports of goods and services continued to show solid growth (3.4% y-o-y), which was accompanied by a slowdown on the import side.
Overall, all the key components of demand – household consumption, government expenditure, investment, inventories and foreign trade – made positive contributions to GDP growth, which last happened in 2017. This illustrates that the growth of the domestic economy is gaining momentum and becoming increasingly robust.
The outcomes for Q3 are above the CNB forecast, with some of the surprises being due to revisions of previous figures. However, the overall picture is unchanged. We expected growth to reach 2.3% this year, but preliminary results suggest that whole-year growth may exceed 2.5%.
Petr Sklenář, Executive Director of the Monetary Department
2025 Q3
year-on-year in %
actual figure
MPR Autumn 2025
Gross domestic product
2.8
2.2
Household consumption
3.0
2.9
General government consumption
2.0
2.2
Gross fixed capital formation
1.7
0.6
Change in inventories (in p. p.)
0.4
0.6
Exports of goods and services
3.4
2.5
Imports of goods and services
3.7
3.3
Net exports (in p. p.)
0.1
-0.4
prices of 2020 (chain-linked), seasonally adjusted
Economic growth continues to gain momentum
The CNB comments on the GDP figures for 2025 Q3
The results of the Czech economy in Q3 were slightly surprising and indicate that growth is becoming increasingly robust. GDP rose by 2.8 % year on year, the highest figure in three years. GDP increased by 0.8% compared to the previous quarter. Compared with the first half of the year, the pace of growth has picked up, and concerns about a slowdown have not materialised. In addition, GDP growth was evenly distributed among all components of demand in Q3. The overall results show that domestic economic growth continues to gather momentum.
Household consumption expenditure remained a key factor in overall GDP growth, increasing by 3% year on year in Q3. This was driven mainly by buoyant wage growth. In addition, solid growth in government expenditure continued at a rate of around 2%. The surge in fixed investment, which rose by 1.7% year on year, came as a positive surprise. A significant contribution stems from government investment activity, but even so, growth in investment demand has been relatively broad-based, increasing the chances that it will continue. Moreover, this was accompanied by a further increase in inventories.
Foreign trade also made a positive contribution to GDP growth in Q3. Exports of goods and services continued to show solid growth (3.4% y-o-y), which was accompanied by a slowdown on the import side.
Overall, all the key components of demand – household consumption, government expenditure, investment, inventories and foreign trade – made positive contributions to GDP growth, which last happened in 2017. This illustrates that the growth of the domestic economy is gaining momentum and becoming increasingly robust.
The outcomes for Q3 are above the CNB forecast, with some of the surprises being due to revisions of previous figures. However, the overall picture is unchanged. We expected growth to reach 2.3% this year, but preliminary results suggest that whole-year growth may exceed 2.5%.
Petr Sklenář, Executive Director of the Monetary Department
prices of 2020 (chain-linked), seasonally adjusted