The aim of this research is through the review of the current literature, explanation of the theoretical concepts and empirical results to show whether there is a link between the real exchange rate and economic growth in eleven post-transition countries of the European Union for the period 1995-2016. Previous researches on this sample of countries is relatively limited, so the additional goal of the paper is to contribute to the existing literature. After explaining the concept of the real exchange rate and its significance for economic growth, the paper describes the transmission channels of the exchange rate on growth, on the basis of which the conclusion of the research can be predicted. The assumed hypothesis of the paper is that the appreciated real exchange rate negatively affects the annual GDP growth rate, and the conclusion on accepting or rejecting the hypothesis is made on the basis of a graphical representation of this relationship and Granger causality test which will show whether there is a causal relationship between two variables, or to be more percise, weather real exchange rate movements predict future values of economic growth or vice versa, economic growth movements predict future real exchange rate values. Descriptive statistics showed that the appreciated exchange rate had a negative effect on the growth of post-transition countries, and the Granger test did not offer unique results on causality among the variables and therefore the hypothesis could neither be accepted nor rejected. The conclusion based on descriptive statistics is in accordance with the results of the authors presented and explained in the theoretical part of the paper.