Data published by the Czech Statistical Office in the Statistical Yearbook 2020 show that last year, the Czech Republic had the lowest unemployment rate in the EU for the fourth year in a row.
The unemployment rate reached only two percent. Germany ranked second with a 3.2 percent unemployment rate, while Greece remained on the other end of the statistics with 17.3 percent.
The EU average unemployment rate was 6.3 percent, while in the eurozone, it was 7.5 percent.
The statistics also revealed that in that period, the Czech economy grew faster than the EU and the eurozone average of 1.5 percent and 1.3 percent, respectively.
Last year, it grew by 2.6 percent. With 5.5 percent, Ireland’s gross domestic product (GDP) reported the fastest growth.
Furthermore, according to published statistics, the standard of living in the Czech Republic last year approached the average level of EU countries.
Gross domestic product per capita at purchasing power parity increased to 92 percent of the EU average from the previous 91 percent. This measure was lowest in Bulgaria, where it reached only 53 percent of the EU average.
Despite the impact of the coronavirus pandemic, unemployment in the Czech Republic remains low. According to experts, government support programs provided tremendous help.
For example in September, unemployment in the Czech Republic was 2.8 percent. However, analysts expect an increase in unemployment with the end of the year and the end of the government’s support programs.