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Czech Republic: Economy#

Czechia is a stable and prosperous market economy that is 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. Czechia 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 and 2013, however, the economy fell into a recession again, due both to a slump in external demand in the EU and to the government’s austerity measures, returning to weak growth in 2014, and stronger growth in 2015.

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)$350.9 billion (2016 est.)
$342.5 billion (2015 est.)
$327.6 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$193.5 billion (2015 est.)
GDP - real growth rate2.5% (2016 est.)
4.5% (2015 est.)
2.7% (2014 est.)
GDP - per capita (PPP)$33,200 (2016 est.)
$32,500 (2015 est.)
$31,200 (2014 est.)
note: data are in 2016 dollars
Gross national saving27.6% of GDP (2016 est.)
28.3% of GDP (2015 est.)
26.1% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 47.9%
government consumption: 19.7%
investment in fixed capital: 25.7%
investment in inventories: 0%
exports of goods and services: 81.5%
imports of goods and services: -74.8% (2016 est.)
GDP - composition, by sector of originagriculture: 2.5%
industry: 37.5%
services: 60% (2016 est.)
Agriculture - productswheat, potatoes, sugar beets, hops, fruit; pigs, poultry
Industriesmotor vehicles, metallurgy, machinery and equipment, glass, armaments
Industrial production growth rate2.8% (2016 est.)
Labor force5.494 million (2016 est.)
Labor force - by occupationagriculture: 2.6%
industry: 37.4%
services: 60% (2012)
Unemployment rate5.6% (2016 est.)
6.5% (2015 est.)
Population below poverty line8.6% (2012 est.)
Household income or consumption by percentage sharelowest 10%: 1.5%
highest 10%: 29.1% (2012 est.)
Distribution of family income - Gini index24.9 (2012)
25.4 (1996)
Budgetrevenues: $73.74 billion
expenditures: $74.75 billion (2016 est.)
Taxes and other revenues38.1% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-0.5% of GDP (2016 est.)
Public debt40.8% of GDP (2016 est.)
41.1% of GDP (2015 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)0.5% (2016 est.)
0.3% (2015 est.)
Central bank discount rate0.05% (31 December 2013)
0.05% (31 December 2012)
note: this is the two-week repo, the main rate CNB uses
Commercial bank prime lending rate4.2% (31 December 2016 est.)
4.28% (31 December 2015 est.)
Stock of narrow money$137.9 billion (31 December 2016 est.)
$124.9 billion (31 December 2015 est.)
Stock of broad money$155.1 billion (31 December 2016 est.)
$144.1 billion (31 December 2015 est.)
Stock of domestic credit$129.2 billion (31 December 2016 est.)
$127.5 billion (31 December 2015 est.)
Market value of publicly traded shares$54.92 billion (30 December 3013 est.)
$59.88 billion (28 December 2012 est.)
$53.2 billion (30 December 2011 est.)
Current account balance$2.976 billion (2016 est.)
$1.682 billion (2015 est.)
Exports$141.7 billion (2016 est.)
$131 billion (2015 est.)
Exports - commoditiesmachinery and transport equipment, raw materials, fuel, chemicals
Exports - partnersGermany 32.4%, Slovakia 9%, Poland 5.8%, UK 5.3%, France 5.1%, Austria 4.1% (2015)
Imports$132.4 billion (2016 est.)
$122.5 billion (2015 est.)
Imports - commoditiesmachinery and transport equipment, raw materials and fuels, chemicals
Imports - partnersGermany 30%, Poland 9%, China 8.3%, Slovakia 6.6%, Netherlands 5%, Austria 4.1% (2015)
Reserves of foreign exchange and gold$78.62 billion (31 December 2016 est.)
$64.49 billion (31 December 2015 est.)
Debt - external$128.9 billion (31 December 2016 est.)
$126.2 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$139.1 billion (31 December 2016 est.)
$136.1 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$45.28 billion (31 December 2016 est.)
$41.48 billion (31 December 2015 est.)
Exchange rateskoruny (CZK) per US dollar -
25.02 (2016 est.)
24.599 (2015 est.)
24.599 (2014 est.)
20.758 (2013 est.)
19.59 (2012 est.)