Czech Republic Among World’s Fastest Growing Economies
- New Europe Investor
- September 30, 2015
In statistics released by the Czech Statistics Office, growth in August compared to the month last year was 4.4%.
The figure is slightly down from the second quarter of this year, which showed growth was at 4.6% compared to the second quarter of 2014.
The quarterly numbers are significantly higher than last year’s, which hovered around 2% and show that Czech is only below the Irish economy in the European Union. Of advanced economies of the world, only Iceland, Indonesia, China and India are showing a higher rate of growth.
Consumption per capita in the second quarter rose by 3.3% compared to the second quarter of 2014, with average monthly salaries also rising impressively.
The impressive growth rates are not expected to continue. A representative from the Department of National Account, Vladimir Kermiet, said that the government will be unable to bet on maintaining current levels of growth into 2016.