Living standards in the Czech Republic edged closer to the European Union average last year, with gross domestic product (GDP) per capita, expressed in purchasing power standards, increasing by one percentage point to 91% of the EU average. This places the Czech Republic on par with Slovenia and marks the highest living standard among the Visegrad Group (V4) countries, which include Poland, Hungary, and Slovakia, according to data released in the Czech Statistical Office’s (ČSÚ) Statistical Yearbook 2024. Luxembourg retains the highest standard of living in the EU, with GDP per capita reaching 234% of the EU average, while Bulgaria continues to have the lowest at 64%. Among countries that joined the EU since 2004, the Czech Republic ranks third alongside Slovenia, behind Cyprus (95%) and Malta (105%), the only new member state exceeding the EU average. In contrast, older EU member states Spain (88%), Portugal (83%), and Greece (67%) reported living standards below the Czech Republic’s level. Within the V4, Poland followed the Czech Republic with 80%, Hungary with 76%, and Slovakia with 73%. Despite the rise in living standards, the Czech economy contracted by 0.3% last year, making it one of 11 EU countries to record a GDP decline. Ireland (-3.2%) and Estonia (-3%) faced the steepest declines, while Malta (+5.7%) and Croatia (+3.1%) led growth. The EU as a whole saw GDP growth of 0.5%. The Czech Republic maintained its status as the country with the lowest unemployment rate in the EU, at 2.6% in 2023, despite a 0.4 percentage point increase. This remains significantly below the EU average of 6.7%. Poland had the second-lowest unemployment rate at 2.8%, while Spain recorded the highest at 12.2%. The Czech Republic also performed well in long-term unemployment, which stood at 0.8% last year, trailing only Denmark, the Netherlands (0.5%), and Malta (0.7%). This rate contrasts sharply with Greece, where long-term unemployment reached 6.2%. The EU average was 2.1%. The Statistical Yearbook 2024, the 32nd edition since the Czech Republic’s establishment in 1993, provides a comprehensive overview of economic, demographic, and social indicators, underlining the country’s resilience in key metrics despite broader economic challenges. As the Czech Republic continues to improve its standing within the EU, the country’s performance underscores its steady progress and relative stability in an evolving European economic landscape. Source: CTK