THE CZECH ECONOMY IS IN A GOOD CONDITION

Published: 22.09.2017 Related countries:  U.S.A. U.S.A.

The Czech Statistical Office announced a growth of the Czech economy.

The Czech economy was successful last year and it contributed to domestic consumption as well as foreign trade. The industry grew three times faster than in Germany and the situation on the domestic labor market was also favorable, says the Czech Statistical Office.

The growth of the national economy slightly exceeded the pace of the EU last year. One of the key factors was foreign trade. Its surplus exceeded 160 billions making it the highest positive balance in the history. The industry has produced almost one third of the added value of the Czech economy. Industry was the backbone of exports. Only means of transport accounted for almost 30 % of the total export of domestic goods. The volume of produced motor vehicles reached 1.35 million vehicles.

The labor market posted record values ​​last year. The Czech Republic has been the leader among the EU states in the overall unemployment rate, which at the end of the year fell to
3.6 %. Enterprises are looking for new workers with difficulties. Average wages grew by
3.7 %, the highest rate in the last eight years.

Source: https://www.czso.cz/csu/czso/prumysl-byl-i-vloni-pateri-ceskeho-vyvozu

 

Published by the team of CzechTrade foreign office in Chicago