IMF Concludes Article IV Consultation with Czech Republic - July 1999 - selected indicators

Czech Republic: Selected Economic and Financial Indicators

  1994 1995 1996 1997 1998
  (Change in percent)
Real Economy          
Real GDP 2.7 6.4 3.8 0.3 -2.3
Consumer prices          
Period average 10.0 9.1 8.8 8.4 10.7
End-period 10.2 7.9 8.6 10.0 6.8
Unemployment rate (end of period) 3.3 3.0 3.1 4.3 6.0
Gross national savings (in percent of GDP) 1/ 26.1 28.2 24.9 23.7 25.3
Gross domestic investment (in percent of GDP) 28.7 32.0 31.8 30.2 27.5
           
  (In percent of GDP) of beginning of period broad money)
Public Finance 2/          
Revenues 46.4 45.1 43.2 41.8 41.5
Expenditures 46.0 44.9 43.6 43.1 43.0
Deficit (-) -1.2 0.2 -0.4 -1.4 -1.4
Gross debt (central government) 13.8 11.2 9.9 10.3 10.7
Loan guarantees outstanding ... ... ... 15.0 15.4
           
  (year-on-year change in percent
           
Money and Credit (end of period)        
Broad money 19.9 19.8 9.2 10.1 5.2
Credit to enterprises and households 16.6 12.7 9.7 8.7 -2.4
Net foreign assets 11.2 10.6 -1.7 6.4 5.9
           
  (In percent)
Interest Rates (average) 3/          
Lending rate 12.9 12.8 12.5 13.9 10.7
Deposit rate 6.9 6.9 6.7 8.1 7.3
           
  (US$ billions)
Balance of Payments          
Trade balance -1.3 -3.7 -5.9 -4.5 -2.6
Current account -0.8 -1.4 -4.3 -3.2 1.1
(Percent of GDP) -1.9 -2.7 -7.6 -6.2 -1.9
Gross official reserves (end of period) 6.2 14.0 12.4 9.8 12.6
Reserve cover (months of merchandise imports) 4.3 6.7 5.4 4.3 5.2
           
External Debt, end of period        
External debt in convertible currencies 10.7 16.5 20.8 21.4 24.0
           
  (SDR millions)
Fund Position 4/          
Quota         819.30
Fund holdings of currency         819.30
(In percent of quota)         100
Exchange Rate          
Exchange rate regime: Currently a managed float; until May 27, 1997, pegged to a DM/US$ basket with fluctuation margins
Present rate (July 14, 1999) CZK 36.500 = EURO 1
Nominal effective exchange rate 5/ -0.2 -0.9 1.0 -3.7 -0.6
Real effective exchange rate        
(ULC-based) 5/ 9.0 4.2 5.9 -0.3 8.5

 

Sources: Data provided by the Czech authorities; and Fund staff estimates.

1/ Includes statistical discrepancy (in contrast to official statistics which include the discrepancy in domestic investment)
2/ General government. Includes privatization revenues.
3/ Average rate in last quarter.
4/ As of May 31, 1999
5/ Percent change. Increase = appreciation.

July 1999