Czech economy grows even stronger

Great news for Czech Republic as revised data shows even more growth for the country. Czech GDP increased by nearly 5% between July and September and unemployment reached its lowest point in seven years. Industry continues to be the main contributor to the domestic economy coming in with 30% of the share.

There aren’t any signs of stopping either as business and consumer confidence is high. Wages have increased so people are more inclined to spend and prices are rising at a slow rate to complement this; it is also believed that spending on mortgages has increased somewhat. Businesses are also experiencing growth as their investment in industrial and administrative buildings has increased by nearly 13% from the same time last year.

It is believed that the main contributor to the significant growth is the sales of cars and car parts. Czech Republic remains as one of the top European manufacturers in this field. Exports and imports also hit record highs for the country with exports up by 9% and imports by 8% from last year.

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