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Tendence ekonomického vývoje v Evropské unii
[Economic development in European union: main tendencies]

Author

Listed:
  • Slavoj Czesaný
  • Jana Fajtová

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.

Suggested Citation

  • Slavoj Czesaný & Jana Fajtová, 2003. "Tendence ekonomického vývoje v Evropské unii [Economic development in European union: main tendencies]," Politická ekonomie, Prague University of Economics and Business, vol. 2003(2), pages 197-211.
    • Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:2:id:399
    DOI: 10.18267/j.polek.399
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    References listed on IDEAS

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    1. Krugman, Paul, 1991. "Increasing Returns and Economic Geography," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 483-499, June.
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    More about this item

    Keywords

    economic growth; inflation; employment; business cycle; external trade; private consumption; gross fixed capital formation;
    All these keywords.

    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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