Tendence ekonomického vývoje v Evropské unii

Economic development in European union: main tendencies

Slavoj Czesaný and Jana Fajtová

Politická ekonomie, 2003, vol. 2003, issue 2, 197-211

Abstract: World economy slowed down more than 2 %, which was the main feature of its development in 2001. There were more factors behind this economic slowdown, primarily the faltering upswing of the world crude oil price, problems of the technological sector, and September 11 events in the USA. Recession forces hit world trade and investment activities in particular. Main sources of economic growth were thus significantly weakened in consequence. The growth rate of GDP in the EU slowed down from 3.3 % in 2000 to 1.6 % in 2001. A larger fall of the economy was prevented by only a slight deceleration of the growth of household consumption from 2.7 % in 2000 to 2.0 % in 2001 and keeping the dynamic growth of services between 2 % and 4 %. However, external trade growth rates were only a third on 2000 and came to limit Czech external trade dynamics in the second half of the year.

Keywords: economic growth; inflation; employment; business cycle; external trade; private consumption; gross fixed capital formation (search for similar items in EconPapers)
JEL-codes: D10 E24 E30 O11 (search for similar items in EconPapers)
Date: 2003
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DOI: 10.18267/j.polek.399

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