Czech Economy
Economy - overview: 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 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. 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.
GDP (purchasing power parity): $314.6 billion (2014 est.)
GDP (official exchange rate): $205.7 billion (2014 est.)
GDP - real growth rate: 2% (2014 est.)
GDP - per capita (PPP): $29,900 (2014 est.)
GDP - composition by sector: agriculture: 2.6%
industry: 37.4%
services: 60% (2014 est.)
Labor force: 5.416 million (2014 est.)
Labor force - by occupation: agriculture: 2.6%
industry: 37.4%
services: 60% (2012)
Unemployment rate: 7.9% (2014 est.)
Household income or consumption by percentage share: lowest 10%: 1.5%
highest 10%: 29.1% (2012 est.)
Investment (gross fixed): 23.2% of GDP (2009 est.)
Budget: revenues: $81.98 billion
expenditures: $85.32 billion (2014 est.)
Public debt: 43.5% of GDP (2014 est.)
Inflation rate (consumer prices): 0.4% (2014 est.)
Central bank discount rate: 0.05% (31 December 2013)
Commercial bank prime lending rate: 4.7% (31 December 2014 est.)
Agriculture - products: wheat, potatoes, sugar beets, hops, fruit; pigs, poultry
Industries: motor vehicles, metallurgy, machinery and equipment, glass, armaments
Industrial production growth rate: 4% (2014 est.)
Electricity - production: 81.71 billion kWh (2012 est.)
Electricity - consumption: 70.45 billion kWh (2012 est.)
Electricity - exports: 27.46 billion kWh (2013 est.)
Electricity - imports: 10.57 billion kWh (2013 est.)
Oil - production: 7,000 bbl/day (2013 est.)
Oil - consumption: 212,800 bbl/day (2008 est.)
Oil - exports: 422.9 bbl/day (2012 est.)
Oil - imports: 140,800 bbl/day (2012 est.)
Oil - proved reserves: 15 million bbl (1 January 2014 est.)
Natural gas - production: 252 million cu m (2013 est.)
Natural gas - consumption: 8.477 billion cu m (2013 est.)
Natural gas - exports: 8 million cu m (2013 est.)
Natural gas - imports: 8.479 billion cu m (2013 est.)
Natural gas - proved reserves: 4.276 billion cu m (1 January 2014 est.)
Current account balance: $1.266 billion (2014 est.)
Exports: $147.3 billion (2014 est.)
Exports - commodities: machinery and transport equipment 52%, raw materials and fuel 9%, chemicals 5%
Exports - partners: Germany 32.4%, Slovakia 8.4%, Poland 6%, UK 5.1%, France 5.1%, Austria 4.4% (2014)
Imports: $135.1 billion (2014 est.)
Imports - commodities: machinery and transport equipment 46%, raw materials and fuels 15%, chemicals 10%
Imports - partners: Germany 30.2%, Poland 8.5%, Slovakia 6.8%, China 6.2%, Netherlands 5.7%, Austria 4.2% (2014)
Reserves of foreign exchange and gold: $59.15 billion (31 December 2014 est.)
Debt - external: $116.1 billion (31 December 2014 est.)
Stock of direct foreign investment - at home: $140.5 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad: $22.38 billion (31 December 2014 est.)
Exchange rates: koruny (CZK) per US dollar - 20.63 (2014 est.), 19.571 (2013 est.), 19.59 (2012 est.), 17.696 (2011 est.), 19.098 (2010 est.)
economic climate  
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Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. DIBNC Experts Team