The updated projections also take into account revised assumptions about the global economic environment, including oil prices and exchange rates, which led to small revisions on projections for trade flows and the balance of payments.
Czech Republic: Selected Economic and Financial Indicators, 2000-04
|2000||2001||2002||2003 1/||2004 1/|
|Real economy (change in percent)|
|CPI (year average)||3.9||4.7||1.8||0.6||3.5|
|PPI, industry (year average)||4.9||2.9||−0.5||…||…|
|Unemployment rate, year average (in percent)|
|Labor force survey-based 2/||8.8||8.1||7.3||7.5||7.3|
|Gross national savings (percent of GDP)||24.4||23.8||21.7||21.0||20.4|
|Gross domestic investments (percent of GDP)||29.7||29.6||28.2||26.7||25.5|
|Public finance (percent of GDP)|
|General government revenue||39.3||39.1||39.9||40.2||40.6|
|General government expenditure 7/||43.9||44.3||46.9||48.8||47.3|
|General government balance 7/||4.5||−5.3||−7.1||−8.6||−6.7|
|Adjusted to exclude grants to transformation institutions to cover costs related to management of bad assets||−3.5||−2.9||−4.2||−7.3||−6.0|
|Targeted deficit concept 3/||−3.4||−2.8||−3.9||−7.0||−5.5|
|General government debt||16.7||18.6||19.5||26.8||31.5|
|Including debt of the Czech Consolidation Agency||23.0||24.4||27.0||33.1||36.1|
|Money and credit (end of year, percent change)|
|Domestic credit to nonbanks (percent change, end of period) 4/||−4.2||2.0||4.3||3.7||…|
|Interest rates (in percent)|
|3-month interbank rate (end of period) 5/||5.4||4.7||2.6||2.4||…|
|10-year government bond 5/||6.7||4.8||3.2||3.8||…|
|Balance of payments (percent of GDP)|
|Gross international reserves (USS billion)||13.1||14.5||23.7||27.7||28.6|
|Reserve cover (in months of imports of goods and services)||4.2||4.1||6.1||5.8||5.6|
|Fund position (as of April 30, 2003)|
|Holdings of currency (percent of quota)||75.7|
|Holdings of SDRs (percent of allocation)||n.a.|
|Quota (millions of SDRs)||819.3|
|Exchange rate regime||Managed float|
|Koruna per U.S. dollar (July 30. 2003)||CZK 28.00||=US$1|
|Nominal effective exchange rate (2000=100) 6/||100.0||104.4||116.4||116.1||…|
|Real effective exchange rate (CPI-based; 2000=100) 6/||100.0||105.5||116.5||112.7||…|
Staff estimates and projections.
In percent of total labor force.
General government deficit excluding transfer to transformation institutions and net lending.
For 2003, data refer to growth rate from March 2002 to March 2003.
For 2003, data refer to June 1.
For 2003, data refer to April.
Excluding privatization revenues of the National Property Fund and the Czech Land Fund, the sale of shares and voting rights by local governments, and the sale of Russian debt.