Czech Republic: Economic growth: the rate of change of real GDP
For that indicator, The World Bank provides data for the Czech Republic from 1991 to 2018. The average value for the Czech Republic during that period was 2.02 percent with a minumum of -11.61 percent in 1991 and a maximum of 6.85 percent in 2006.
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Economic growth in the Czech Republic and other countries is calculated as the percent change in the GDP from one year to the next. It measures whether production has increased or decreased, and by how much.
Looking across many countries and over long periods of time, the average rate of economic growth is about 2-3 percent per year. That changes from year to year as the economy goes through recessions and expansions. However, if an economy routinely grows at about 5 percent or more per year, this is a substantial rate of economic growth. Economic growth of 7-8 percent is extraordinary.
Definition: Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.