Analysis of the Gross Domestic Product of the Czech Republic

The aim of this masters thesis is to propound a complex treatise about the Gross Domestic Product of the Czech Republic between the years 2010 and 2015, with focus on growth dynamics, effect of GDP components according to the expenditure approach and the income approach, international comparison and relation to other economic measures. The thesis aspires to present and interpret the analysed data and put them into socio-economic context. Data for the analysis were retrieved from the National Accounts System, the methodology then emanates from the macroeconomic theory and statistical tools. While years after the financial crisis were characterized by a mild growth, years 2012 and 2013 were a recessional period after which came a sharp growth. Determinants of this development were mainly the situation on the world markets, expansionary monetary policy and anticipations of future development. From the items constituting GDP in the expenditure approach the gross capital formation had the main influence, in the income approach it was the net operating surplus. The economic development of the Czech Republic was relatively closely correlated with the development of the European Union during the analysed period. A significant negative correlation between the value of GDP and unemployment rate also existed, as well as a less significant negative correlation between the value of GDP and inflation rate, however the latter relation was not consistent.