According to the Czech Statistical Office the nominal GDP grew since 1989 by more than 500 %. In 1990 the nominal GDP value was 672 bn crowns and now it is more than 4 trillion CZK. When considering real economic growth including inflation and other influences the GDP grew by more than 50 % compared to 1989. Average salary grew really (inflation included) by 52 % which is nominally from 3170 CZK to 25 800 CZK. In the terms of generated value per hour the amount grew from 161 CZK in 1995 to 428 CZK in 2013 that means 150 % nominal and nearly 60 % real growth. Also GDP per capita grew from 100 000 crowns in 1990 to nearly 389 000 CZK in 2013. Also the standard of living compared to other EU countries measured in GDP per capita in PPP raised from 60 % level in 1993 to 80 % in 2013. In comparison with Slovakia the Slovaks fared slightly better when managing to narrow the gap to 10 years when managing to get from 57 % in 2003 to 76 % of the average which was starting level of the Czech Republic in 2003. Also the economic structure changed. Compared to 1989 the share of industry on economy fell from 38 % to 33 %, of agriculture from 8.3 % to 2.3 % and on the contrary the tertiary sector of services grew form 45 % to 60 %.
21st November 2022
18th November 2022