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PERFORMANCE OF THE EU ECONOMY AND V4 COUNTRIES MEASURED BY SELECTED INDICATORS IN THE CONTEXT OF LABOR MARKET
Abstract
The growth rate of gross domestic product is one of the basic indicators in assessing the performance of the economy. The global economic crisis has resulted in a decrease of economic performance in all Member States of the European Union. The main aim of this paper is to focus on analysis of economic performance of the V4 countries compared to EU28. In the analysis, we follow the evolution of gross domestic product and its components in the last 10 years. Through the analysis of the development rate of unemployment and employment, we will devote special for labor productivity and its evolution in the monitored V4 countries and EU28. Based on the obtained data we calculate potential GDP and its expected development over the next period. Labor market and especially increasing unemployment is one of the most serious problems of contemporary economy. Non-utilization of labor causes a reduction of GDP, so we seek the causes unfavorable developments in unemployment as well as the possibility of its solution. Through the correlation analysis, we will study the effect of employment on GDP creation. In the analysis of time series we use polynomial, linear and logarithmic trend.Brief description of the study and used methods.
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