Gross domestic product of the Czech Republic increased by 3.2% in the fourth quarter 2001. GDP rose by 3.6% in the whole year 2001. Economic growth was led mainly by domestic demand as consumption expenditures increased by 2.8% and gross fixed capital creation rose by 6.3% in Q4/2001. On the other hand net exports diminished GDP growth by 3.3 percentage points in Q4/2001.
As EU economy grew by 1.5% in 2001, the Czech Republic diminished a margin between a level of GDP per capita in purchasing power parity. Now the Czech economy stands at the level of 60%, 1.2 percentage point compared to 2000. However, in 1996 the Czech Republic reached already 64% of the EU average.
The Czech Statistical Office chief officer, Marie Bohata, said at the press conference, that the CSO forecast GDP to grow 3.1%, y-o-y, in the first quarter 2002.
The Czech koruna exchange rate adjusted swiftly to the fresh GDP figures. The koruna appreciated to a new all-time high. It stands at 31.17 CZK/EUR at the end of the session. Foreign exchange traders said the statement of Pavel Stepanek, CNB board member launched a new wave of the currency strengthening. He expressed a satisfaction with the current level of the exchange rate on Wednesday.
Poland's economy slowed down again. Gross domestic product grew at an annual rate of 0.3 percent in the quarter, the slowest ever, and down from 0.8 percent in the third quarter. In 2001, thus, GDP increased by 1.1% and Poland economic growth was the slowest in the Visegrad group of CEE countries.
Consumer prices in U.S. economy rose 0.2% in February, matching the previous increase and leaving prices just 1.1% above where they were 12 months earlier.
The aggregate state budget of Eurozone countries reached a deficit of 1.3% of Eurozone's GDP. The highest deficit showed Germany, -2.7% GDP, followed by Portugal with a deficit of 2.2% GDP.
Click here for the „Czech economic daily“ in .pdf format.
Radim Krejčí