Czech Republic

Inflation risks

Click on the globe for Key Economic Forecast & Indicators

Driven by buoyant exports and strong private investment, output growth has gained momentum and should reach about 4% this year, and in 2005 and 2006. Employment growth is likely to be muted, though nevertheless allowing for a slight decline in unemployment. Inflation will remain close to 3%.
The momentum of fiscal reform needs to be boosted. A new budgeting framework has been introduced and needs to be effectively implemented. Also, concrete progress is needed on pension and healthcare reform. Monetary policy looks set to remain neutral in the near term, although there are upside risks to inflation. Structural reforms to improve the business environment are needed to enable rapid real convergence.
Population (000s), 200310 202
Area (000 sq km)79
GDP (Billion USD), 200385.4
Life expectancy at birth (Women, Men), 2002 78.7, 72.1
Total labour force (000s), 20035 132
Government typeParliamentary Democracy
Indicators% change unless otherwise indicated
GDP growth3.94.24.1
Consumer price index2.93.13.0
Short-term interest rate (%)
Unemployment rate (%)
General government financial balance (% GDP)-4.3-4.6-3.9
Current account balance (% GDP)-6.5-6.6-6.5
Source: OECD© OECD Observer No 245, November 2004

Economic data


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