Challenging year ahead for the Czech construction industry

The Czech construction industry has been severely hit by the wider economic crisis experienced in 2009 and 2010. In 2009, gross domestic product contracted by more than 4%, and unemployment rose to more than 8% from 5.5% a year before. Fortunately, the economy began to recover in 2010, but the overall downturn has had an adverse effect on the construction industry.
Construction output in the Czech Republic declined by 0.9% year on year in 2009, the first reduction in the decade. This followed several consecutive years of growth but was widely expected because of the difficult economic conditions and the subsequent reduction in demand. Unlike 2009, when the decline in construction activity was much less severe than the reduction in GDP, in 2010 the construction industry lagged behind the overall economy, with a 7.8% fall in construction output, in contrast to estimated growth of 2.2% in GDP.

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