Economy - overview:
Czechia is a prosperous market economy that boasts one of the highest GDP growth rates and lowest unemployment levels in the EU, but its dependence on exports makes economic growth vulnerable to contractions in external demand. Czechia’s exports comprise some 80% of GDP and largely consist of automobiles, the country’s single largest industry. Czechia acceded to the EU in 2004 but has yet to join the euro-zone. While the flexible koruna helps Czechia weather external shocks, it was one of the world’s strongest performing currencies in 2017, appreciating approximately 16% relative to the US dollar after the central bank (Czech National Bank - CNB) in early April ended its cap on the currency’s value, which it had maintained since November 2013. The CNB hiked rates in August and November 2017 - the first rate changes in nine years - to address rising inflationary pressures brought by strong economic growth and a tight labor market.After slowly recovering from a steep recession in 2009, the Czech economy again fell into recession in 2012 and 2013 because of a slump in demand within the EU and government austerity measures. Inflows of EU development funds underpinned a rebound in 2014-15, with GDP growth reaching 4.5% in 2015, followed by a slowdown in 2016 largely due to a cyclical lag in EU funding in connection with a new EU budget cycle. The Czech economy was one of the EU’s best performers in 2017, with broad-based growth of nearly 4.5% and an unemployment rate of 2.8%, one of the lowest rates in the EU.Since coming to power in 2014, the new government has undertaken some reforms to try to reduce corruption, attract investment, and improve social welfare programs, which could help increase the government’s revenues and improve living conditions for Czechs. The government introduced in December 2016 an online tax reporting system intended to reduce tax evasion and increase revenues. The government also plans to remove labor market rigidities to improve the business climate, bring procurement procedures in line with EU best practices, and boost wages. The country's low unemployment rate has led to steady increases in salaries, and the government is facing pressure from businesses to allow greater migration of qualified workers, at least from Ukraine and neighboring Central European countries.Long-term challenges include dealing with a rapidly aging population, a shortage of skilled workers, a lagging education system, 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): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$372.6 billion (2017 est.)
$360 billion (2016 est.)
$350.9 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 50
$209.7 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
3.5% (2017 est.)
2.6% (2016 est.)
5.3% (2015 est.)
country comparison to the world: 92
[see also: GDP - real growth rate country ranks ]
$35,200 (2017 est.)
$34,100 (2016 est.)
$33,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 55
27.2% of GDP (2017 est.)
27.4% of GDP (2016 est.)
28.2% of GDP (2015 est.)
country comparison to the world: 40
[see also: Gross national saving country ranks ]
household consumption: 47.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 25.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 79.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -72.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 2.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 37.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 59.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
wheat, potatoes, sugar beets, hops, fruit; pigs, poultry
motor vehicles, metallurgy, machinery and equipment, glass, armaments
5.3% (2017 est.)
country comparison to the world: 41
[see also: Industrial production growth rate country ranks ]
5.427 million (2017 est.)
country comparison to the world: 76
[see also: Labor force country ranks ]
agriculture: 2.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 38%
[see also: Labor force - by occupation - industry country ranks ]
services: 59.2% (2015)
[see also: Labor force - by occupation - services country ranks ]
2.8% (2017 est.)
4% (2016 est.)
country comparison to the world: 28
[see also: Unemployment rate country ranks ]
9.7% (2015 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 4.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 21.7% (2015 est.)
25 (2015)
25.1 (2014)
country comparison to the world: 144
[see also: Distribution of family income - Gini index country ranks ]
revenues: $83.62 billion
[see also: Budget - revenues country ranks ]
expenditures: $83.93 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
39.9% of GDP (2017 est.)
country comparison to the world: 35
[see also: Taxes and other revenues country ranks ]
-0.1% of GDP (2017 est.)
country comparison to the world: 39
[see also: Budget surplus (+) or deficit (-) country ranks ]
35.1% of GDP (2017 est.)
36.8% of GDP (2016 est.)
country comparison to the world: 147
[see also: Public debt country ranks ]
calendar year
2.3% (2017 est.)
0.7% (2016 est.)
country comparison to the world: 107
[see also: Inflation rate (consumer prices) country ranks ]
0.05% (31 December 2016)
0.05% (31 December 2015)
note: this is the two-week repo, the main rate CNB uses
country comparison to the world: 149
[see also: Central bank discount rate country ranks ]
3.9% (31 December 2017 est.)
3.91% (31 December 2016 est.)
country comparison to the world: 161
[see also: Commercial bank prime lending rate country ranks ]
$172.7 billion (31 December 2017 est.)
$133.5 billion (31 December 2016 est.)
country comparison to the world: 28
[see also: Stock of narrow money country ranks ]
$190 billion (31 December 2017 est.)
$148.7 billion (31 December 2016 est.)
country comparison to the world: 43
[see also: Stock of broad money country ranks ]
$142.8 billion (31 December 2017 est.)
$124.3 billion (31 December 2016 est.)
country comparison to the world: 52
[see also: Stock of domestic credit country ranks ]
$44.5 billion (31 December 2016 est.)
$39.91 billion (31 December 2015 est.)
$45.63 billion (31 December 2014 est.)
country comparison to the world: 55
[see also: Market value of publicly traded shares country ranks ]
$1.192 billion (2017 est.)
$2.154 billion (2016 est.)
country comparison to the world: 36
[see also: Current account balance country ranks ]
$157.4 billion (2017 est.)
$131.1 billion (2016 est.)
country comparison to the world: 33
[see also: Exports country ranks ]
machinery and transport equipment, raw materials, fuel, chemicals
Germany 32.4%, Slovakia 8.4%, Poland 5.8%, UK 5.2%, France 5.2%, Italy 4.3%, Austria 4.2% (2016)
$147.4 billion (2017 est.)
$120.8 billion (2016 est.)
country comparison to the world: 31
[see also: Imports country ranks ]
machinery and transport equipment, raw materials and fuels, chemicals
Germany 30.6%, Poland 9.6%, China 7.5%, Slovakia 6.3%, Netherlands 5.3%, Italy 4.1% (2016)
$161 billion (31 December 2017 est.)
$85.73 billion (31 December 2016 est.)
country comparison to the world: 16
[see also: Reserves of foreign exchange and gold country ranks ]
$145.8 billion (31 December 2017 est.)
$138 billion (31 December 2016 est.)
country comparison to the world: 42
[see also: Debt - external country ranks ]
$146.5 billion (31 December 2017 est.)
$139.6 billion (31 December 2016 est.)
country comparison to the world: 36
[see also: Stock of direct foreign investment - at home country ranks ]
$45.79 billion (31 December 2017 est.)
$43.09 billion (31 December 2016 est.)
country comparison to the world: 45
[see also: Stock of direct foreign investment - abroad country ranks ]
koruny (CZK) per US dollar -
23.34 (2017 est.)
24.44 (2016 est.)
24.44 (2015 est.)
24.599 (2014 est.)
20.758 (2013 est.)