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Czech economy in 2002: record-low inflation

Kamil Janáček, Eva Zamrazilová
2003 Prague Economic Papers  
Gross domestic product continued to grow in 2002, faster than in the economies of most of the Czech Republic's major partners, albeit at a slower pace than in 2001. The major driving force of economic growth was private consumption, followed by government consumption. Investment demand registered a slowdown as an indirect result of weak foreign demand.2002 was the year of record-low inflation in the history of the Czech Republic - at the end of the year, the consumer price index stood at 0.6 %.
more » ... dex stood at 0.6 %. During 2002, nominal appreciation of the Czech currency accelerated - the koruna appreciated against the euro by almost ten per cent. The labor market was severely hit by the general economic slowdown and the unemployment rate anew reached the record-high level at the end of the year.
doi:10.18267/j.pep.208 fatcat:oe4yzdhlwjdc7d2oi53q5lwtq4