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The year 2002 was a year of stable development
indicating a continuous positive development. During 2002,
due to world economic recession, the relatively high rate
of growth from the previous years slowed down. However, it
did not drop to zero values as it did in the European Union
zone.
The unit labour costs and price competitiveness
of the Czech Industry managed to eliminate the impact of low
dynamics of European countries to a certain level but a significant
slow down in foreign trade was registered and reduced GNP
growth rate as a consequence.
The growth rate was further reduced by catastrophic
floods in the basin of the Vltava and Labe rivers reaching
a GNP growth of 2.5 % in stead of the previous 3% prognostics.
Despite this event; the Czech Republic's GNP growth rate will
rank among the highest in Europe.
Most of this growth is driven by local demand.
Household consumption has grown by 3.8% and gross fixed capital
by 3.3%. The investment growth signals that the economic development
is founded on strong basis.
Inflation rate dropped significantly from
4.7% in 2001 to 2.0% , thus reaching the consumer price level
rate in the EU. Unemployment rate has grown to 9.8%, once
again becoming a key socio-economic problem. Overall labour
productivity has grown by only 2.4%, which is significantly
slower than the 4.5% increase in real wages.
See full reports :
Foundry Industry report >
Forge Industry report >
Trade fair - Fond-ex article >
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