Prague Economic Papers 2015, 24(1):105-122 | DOI: 10.18267/j.pep.503

A Historical View on the Development of Czech Economy from 1970

Kristýna Vltavská1, Jaroslav Sixta2
1 University of Economics, Prague, Faculty of Informatics and Statistics Department of Economic Statistics, Nám. W. Churchilla 4, CZ 130 67 Praha 3, +420 224 095 451, kristyna.vltavska@vse.cz.
2 University of Economics, Prague, Faculty of Informatics and Statistics, Department of Economic Statistics, Nám. W. Churchilla 4, CZ 130 67 Praha 3, +420 224 095 451, sixta@vse.cz.

The paper describes the changes in Czech economy in the period between 1970 and 2010 from the macroeconomic perspective. It is based on the detailed study of sources and uses of gross domestic product with respect to labour inputs. Used data sources come from recently published historical data on GDP combined with the data of oicial statistics. The paper should provide an analysis of the main determinants of growth based on output and expenditure approach to GDP and employment including the industrial analysis of labour productivity. In this paper labour productivity is estimated as the ratio of gross value added in the constant prices over the input used. As we have the data of total employment in full time equivalent we used them as the only possible labour input for the productivity analysis for the period in question.

Keywords: system of balance of national economy, system of national accounts, gross domestic, gross value added, full time equivalent, labour productivity
JEL classification: C02, E01, N01, O41

Published: January 1, 2015  Show citation

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Vltavská, K., & Sixta, J. (2015). A Historical View on the Development of Czech Economy from 1970. Prague Economic Papers, 24(1), 105-122. doi: 10.18267/j.pep.503
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