The standard of living in the Czech Republic rose to 94 % of the EU level last year

Published: 02.12.2021 Related countries:  United Kingdom United Kingdom

Despite the Covid-19 pandemic, the standard of living in the Czech Republic approached the average level of EU countries. Gross domestic product per capita in purchasing power parity rose from the previous 92 % to 94 %.

The Czechia is thus at the level of Italy and above the level of Portugal (77 %) and Spain (86 %). This follows from data published on Monday by the Czech Statistical Office in the Statistical Yearbook 2021. This level was the lowest in Bulgaria, where it was 55 % of the EU average. Luxembourg has the highest level with 266 %.

The Czech economy fell by 5.6 % last year, which was the deepest decline in the history of the independent Czech Republic. Last year, however, the economies of all EU countries except Ireland declined. This showed GDP growth of 3.4 %. The Spanish economy had the largest decline, by 10.8 %.

At the same time, last year the Czechia maintained the position of the country with the lowest unemployment within the EU for the fifth year in a row, namely 2.6 %. Poland had the second lowest unemployment rate with 3.2 %, followed by Germany and the Netherlands with 3.8 %. The EU average was 7 % last year and 7.8 % for euro-paying countries.

Source: Czech Statistical Office