Stable Economic Performance
Since the Velvet Revolution in 1989, the Czech economy has grown steadily and the standard of living has been increased substantially. After recovering from a slight slowdown caused by the worldwide recession at the turn of the millennium, GDP growth soared above 6% in 2005, reaching one of the highest levels among European countries, while inflation remained low and unemployment decreased. This healthy, export-driven growth was enabled by the economy's supportive business and investment climate.
| Basic economic indicators | |||||||
|---|---|---|---|---|---|---|---|
| 2002 | 2003 | 2004 | 2005 | 2006a | 2007a | 2008b | |
| GDP (constant prices 2000, %) | 1.9 | 3.6 | 4.2 | 6.1 | 6.2 | 5 | 4.8 |
| GDP per capita (USD, PPP) | 16900 | 17400 | 18700 | 20500 | 22400 | 24000 | NA |
| GDP per capita (USD, PPP) EU12=100 | 63 | 63 | 66 | 69 | 72 | 74 | NA |
| Long-term interest rates (govt. bonds, %) | 4.94 | 4.12 | 4.75 | 3.56 | 3.9 | 4.4 | 4.0 |
| Trade balance (% of GDP) | -2,.9 | -2.7 | -1 | 1.4 | 1.8 | 2.2 | NA |
| Average inflation (%) | 1.8 | 0.1 | 2.8 | 1.9 | 2.6 | 2.8 | 3.0 |
| Unemployment (average, thousands of people) | 477.5 | 521.6 | 537.4 | 514.3 | 487 | 473 | 471 |
| Unemployment rate (average, %)* | 9.16 | 9.9 | 9.2 | 8.97 | 8.3 | 8.0 | 7.9 |
*new methodology since 2004, a) estimate, b) forecast; Source: Ministry of Finance, Czech Statistical Office, October 2006
You can find more information on the Czech economy at the websites of Czech Statistical Office and Czech National Bank