unbekannter Gast

Czech Republic: Economy#

The Czech Republic is a stable and prosperous market economy closely integrated with the EU, especially since the country's EU accession in 2004. The auto industry is the largest single industry, and, together with its upstream suppliers, accounts for nearly 24% of Czech manufacturing. The Czech Republic produced more than a million cars for the first time in 2010, over 80% of which were exported. While the conservative, inward-looking Czech financial system has remained relatively healthy, the small, open, export-driven Czech economy remains sensitive to changes in the economic performance of its main export markets, especially Germany. When Western Europe and Germany fell into recession in late 2008, demand for Czech goods plunged, leading to double digit drops in industrial production and exports. As a result, real GDP fell sharply in 2009. The economy slowly recovered in the second half of 2009 and registered weak growth in the next two years. In 2012, however, the economy fell into a recession again, due both to a slump in external demand and to the government’s austerity measures. The country pulled out of recession in the second half of 2013, and most analysts expect modest, but steady, growth through 2014. Foreign and domestic businesses alike voice concerns about corruption, especially in public procurement. Other long term challenges include dealing with a rapidly aging population, funding an unsustainable pension and health care system, and diversifying away from manufacturing and toward a more high-tech, services-based, knowledge economy.

Economic Facts#

GDP (purchasing power parity)$285.6 billion (2013 est.)
$288.2 billion (2012 est.)
$291.1 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate-0.9% (2013 est.)
-1% (2012 est.)
1.8% (2011 est.)
GDP - per capita (PPP)$26,300 (2013 est.)
$26,500 (2012 est.)
$28,300 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 2.4%
industry: 37.3%
services: 60.3% (2012 est.)
Population below poverty line9.8% (2011 est.)
Household income or consumption by percentage sharelowest 10%: 1.5%
highest 10%: 29.1% NA% (2012 est.)
Labor force - by occupationagriculture: 2.6%
industry: 37.4%
services: 60% (2012)
Exports - commoditiesmachinery and transport equipment, raw materials and fuel, chemicals
Exports - partnersGermany 31.8%, Slovakia 9.1%, Poland 6.1%, France 5.1%, UK 4.9%, Austria 4.7% (2012)
Agriculture - productswheat, potatoes, sugar beets, hops, fruit; pigs, poultry
Budgetrevenues: $55.81 billion
expenditures: $59.96 billion (2013 est.)
Imports - commoditiesmachinery and transport equipment, raw materials and fuels, chemicals
Imports - partnersGermany 29.5%, Poland 7.7%, Slovakia 7.4%, China 6.3%, Netherlands 5.8%, Russia 5.3%, Austria 4.3% (2012)
Exchange rateskoruny (CZK) per US dollar -
19.57 (2013 est.)
19.59 (2012 est.)
19.098 (2010 est.)
19.063 (2009)
17.064 (2008)
Exports$161.4 billion (2013 est.)
$157 billion (2012 est.)
Debt - external$102.1 billion (30 September 2013 est.)
$101.9 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$143.4 billion (2013 est.)
$141.4 billion (2012 est.)
Industrial production growth rate0.5% (2013 est.)
Industriesmotor vehicles, metallurgy, machinery and equipment, glass, armaments
Inflation rate (consumer prices)1.4% (2013 est.)
3.3% (2012 est.)
Labor force5.304 million (2013 est.)
Unemployment rate7.1% (2013 est.)
7% (2012 est.)
Distribution of family income - Gini index24.9 (2012)
25.4 (1996)
Public debt48.8% of GDP (2013 est.)
46.2% of GDP (2012 est.)
Current account balance-$3.27 billion (2013 est.)
-$4.798 billion (2012 est.)
Reserves of foreign exchange and gold$56.22 billion (31 December 2013 est.)
$44.88 billion (31 December 2012 est.)
GDP (official exchange rate)$194.8 billion (2013 est.)
Stock of direct foreign investment - at home$144.2 billion (31 December 2013 est.)
$136.5 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$16.63 billion (31 December 2013 est.)
$17.37 billion (31 December 2012 est.)
Market value of publicly traded shares$54.92 billion (30 December 3013 est.)
$59.88 billion (28 December 2012)
$53.2 billion (30 December 2011 est.)
Central bank discount rate0.05% (31 December 2013 est.)
0.05% (31 December 2012)
note: this is the two-week repo, the main rate CNB uses
Commercial bank prime lending rate5.1% (31 December 2013 est.)
5.41% (31 December 2012 est.)
Stock of domestic creditNA% (30 September 2012 est.)
$130.2 billion (31 December 2011 est.)
Stock of narrow money$124.1 billion (30 September 2013 est.)
$114.2 billion (30 September 2012 est.)
Stock of broad money$154 billion (30 September 2013 est.)
$146.5 billion (30 September 2012 est.)
Taxes and other revenues28.6% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-2.1% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 45.1%
government consumption: 18.3%
investment in fixed capital: 27%
investment in inventories: 0.1%
exports of goods and services: 81.1%
imports of goods and services: -71.5%
(2013 est.)
Gross national saving21.1% of GDP (2013 est.)
20.7% of GDP (2012 est.)
21.2% of GDP (2011 est.)