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EconomyEconomy - overview
The Czech Republic is a stable and prosperous market economy, which harmonized its laws and regulations with those of the EU prior to its EU accession in 2004. 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 4.7% in 2009, with most of the decline occurring during the first quarter. Real GDP, however, has slowly recovered with positive quarter-on-quarter growth starting in the second half of 2009 and continuing throughout 2011. The auto industry remains 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. 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) World Ranking: 45
$288.6 billion (2011 est.)
$283.9 billion (2010 est.) $276.3 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$215.3 billion (2011 est.)
Gdp - real growth rate World Ranking: 163
1.7% (2011 est.)
2.7% (2010 est.) -4.7% (2009 est.) Gdp - per capita (ppp) World Ranking: 50
$27,400 (2011 est.)
$27,000 (2010 est.) $26,400 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 1.6%
Industry 38.1% Services 60.3% (2011 est.) Labor force World Ranking: 72
5.41 million (2011 est.)
Labor force - by occupation
Agriculture 3.1%
Industry 38.6% Services 58.3% (2009) Unemployment rate World Ranking: 100
8.5% (2011 est.)
9% (2010 est.) Population below poverty line
9% (2010 est.)
Household income or consumption by percentage share
Lowest 10% 1.5%
Highest 10% NA% (2009) Distribution of family income - gini index World Ranking: 109
31 (2009)
25.4 (1996) Investment (gross fixed) World Ranking: 51
23.9% of GDP (2011 est.)
Budget
Revenues $51.45 billion
Expenditures $59.41 billion (2011 est.) Taxes and other revenues World Ranking: 131
23.9% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 119
-3.7% of GDP (2011 est.)
Public debt World Ranking: 79
40.7% of GDP (2011 est.)
37.9% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 21
1.9% (2011 est.)
1.5% (2010 est.) Central bank discount rate World Ranking: 133
0.75% (31 December 2011 est.)
0.75% (31 December 2010) Note This is the two-week repo, the main rate CNB uses Commercial bank prime lending rate World Ranking: 143
5.72% (31 December 2011 est.)
5.889% (31 December 2010 est.) Stock of narrow money World Ranking: 33
$107.8 billion (31 December 2011 est.) $107.8 billion (31 December 2010 est.) Stock of broad money World Ranking: 46
$142.3 billion (31 December 2011 est.) $144.4 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 44
$142.5 billion (31 December 2011 est.) $122.9 billion (31 December 2010) Market value of publicly traded shares World Ranking: 47
$53.2 billion (31 December 2011) $73.1 billion (31 December 2010) $70.26 billion (31 December 2009) Agriculture - products
Wheat, potatoes, sugar beets, hops, fruit; pigs, poultry Industries
Motor vehicles, metallurgy, machinery and equipment, glass, armaments Industrial production growth rate World Ranking: 44
6.9% (2011 est.)
Electricity - production World Ranking: 37
79.47 billion kWh (2010 est.)
Electricity - consumption World Ranking: 41
59.26 billion kWh (2010 est.)
Electricity - exports
21.59 billion kWh (2010 est.)
Electricity - imports
6.6 billion kWh (2010)
Oil - production World Ranking: 88
10,310 bbl/day (2010 est.)
Oil - consumption World Ranking: 57
195,700 bbl/day (2010 est.)
Oil - exports World Ranking: 84
25,480 bbl/day (2009 est.)
Oil - imports World Ranking: 47
208,800 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 86
15 million bbl (1 January 2011 est.) Natural gas - production World Ranking: 78
128.3 million cu m (2011 est.)
Natural gas - consumption World Ranking: 51
8.075 billion cu m (2011 est.)
Natural gas - exports World Ranking: 45
167.3 million cu m (2011 est.)
Natural gas - imports World Ranking: 26
9.32 billion cu m (2011 est.)
Natural gas - proved reserves World Ranking: 93
3.964 billion cu m (1 January 2011 est.) Current account balance World Ranking: 169
-$6.348 billion (2011 est.)
-$5.993 billion (2010 est.) Exports World Ranking: 33
$138.5 billion (2011 est.)
$116.7 billion (2010 est.) Exports - commodities
Machinery and transport equipment, raw materials and fuel, chemicals Exports - partners
Germany 32.4%, Slovakia 9%, Poland 6.3%, France 5.5%, Austria 4.6%, UK 4.6%, Italy 4.2% (2010 est.) Imports World Ranking: 31
$133.2 billion (2011 est.)
$113.9 billion (2010 est.) Imports - commodities
Machinery and transport equipment, raw materials and fuels, chemicals Imports - partners
Germany 29.7%, China 7.6%, Poland 7.1%, Slovakia 7%, Netherlands 5.7%, Russia 4.8%, Austria 4.4% (2010 est.) Reserves of foreign exchange and gold World Ranking: 45
$40.29 billion (31 December 2011 est.) $42.49 billion (31 December 2010 est.) Debt - external World Ranking: 45
$101.6 billion (31 December 2011 est.) $95.4 billion (31 December 2010 est.) Stock of direct foreign investment - at home World Ranking: 29
$134.4 billion (31 December 2011 est.) $129.9 billion (31 December 2010 est.) Stock of direct foreign investment - abroad World Ranking: 48
$16.82 billion (31 December 2011 est.) $15.52 billion (31 December 2010 est.) Exchange rates
Koruny (CZK) per US dollar -
17.696 (2011 est.) 19.098 (2010 est.) 19.063 (2009) 17.064 (2008) 20.53 (2007) Fiscal year
Calendar year
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Czech Republic (Prague):
 
GPS points from Czech Republic (Prague)
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At the close of World War I, the Czechs and Slovaks of the former Austro-Hungarian Empire merged to form Czechoslovakia. During the interwar years, having rejected a federal system, the new country's leaders were frequently preoccupied with meeting the demands of other ethnic minorities within the republic, most notably the Sudeten Germans and the Ruthenians (Ukrainians). On the eve of World War II, the Czech part of the country was forcibly annexed to the Third Reich, and the Slovaks declared independence as an ally of Nazi Germany. After the war, a reunited but truncated Czechoslovakia (less Ruthenia) fell within the Soviet sphere of influence. In 1968, an invasion by Warsaw Pact troops ended the efforts of the country's leaders to liberalize Communist Party rule and create "socialism with a human face." Anti-Soviet demonstrations the following year ushered in a period of harsh repression known as "normalization." With the collapse of Soviet-backed authority in 1989, Czechoslovakia regained its democracy through a peaceful "Velvet Revolution." On 1 January 1993, the country underwent a "velvet divorce" into its two national components, the Czech Republic and Slovakia. The Czech Republic joined NATO in 1999 and the European Union in 2004.