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Czech economy in 2017

Due to positive economic situation in 2017 the year-on-year GDP growth reached 4,4%, marking the fourth consecutive year with growth.

Due to positive economic situation in 2017 the year-on-year GDP growth reached 4,4%, marking the fourth consecutive year with growth. The most significant component was household consumption, increased private investment and intensive international trade with goods and services. Unemployment rate has fallen below the natural rate of unemployment causing overheating of the labour market. Consequently, lack of workforce prevented higher production and performance of companies and has led to an increase in wages.

Inflation reached its¢ five years peak especially due to higher prices of agricultural products and food, higher housing costs and more expensive oil imports.

Industrial production continued to growth in 2017 for a fourth consecutive year, culminating in a year-on-year dynamics of 6.5%. Motor vehicles production was the main factor in the increase of the predominant manufacturing industry, providing almost one third of the industry sales. Although industrial employment rose, companies’ revenues grew faster leading to higher workforce productivity.