Czechia - Economic Indicators
Economic 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...
| GDP | Reference | Last | Previous | Units | Frequency |
|---|---|---|---|---|---|
| Private Consumption | 2020 Q3 | 660,660 | 631,287 | Mil. CZK, CDASA | Quarterly |
| Real Private Consumption | 2020 Q3 | 594,063 | 565,725 | Mil. Ch. 2015 CZK, CDASA | Quarterly |
| Real Gross Domestic Product | 2020 Q3 | 1,254,582 | 1,173,180 | Mil. Ch. 2015 CZK, CDASA | Quarterly |
| Government Consumption | 2020 Q3 | 301,990 | 295,989 | Mil. CZK, CDASA | Quarterly |
| Investment | 2020 Q3 | 327,498 | 349,559 | Mil. CZK, CDASA | Quarterly |
| Real Government Consumption | 2020 Q3 | 243,742 | 245,516 | Mil. Ch. 2015 CZK, CDASA | Quarterly |
| Nominal Gross Domestic Product | 2020 Q3 | 1,429,600 | 1,331,277 | Mil. CZK, CDASA | Quarterly |
| Real Investment | 2020 Q3 | 296,917 | 320,573 | Mil. Ch. 2015 CZK, CDASA | Quarterly |
| Real Fixed Investment (gross fixed capital formation) | 2020 Q3 | 313,927 | 330,587 | Mil. Ch. 2015 CZK, CDASA | Quarterly |
| Nominal Fixed Investment (gross fixed capital formation) | 2020 Q3 | 346,336 | 358,800 | Mil. CZK, CDASA | Quarterly |
| Price | Reference | Last | Previous | Units | Frequency |
| Consumer Price Index (CPI) | Dec 2020 | 111.9 | 112.1 | Index 2015=100, NSA | Monthly |
| Labor | Reference | Last | Previous | Units | Frequency |
| Primary Industries Employment | 2020 Q3 | 138.01 | 138.22 | Ths., NSA | Quarterly |
| Total Employment | 2020 Q3 | 5,233 | 5,212 | Thousands, NSA | Quarterly |
| Labor Force Employment | 2020 Q3 | 5,230 | 5,229 | Ths., SA | Quarterly |
| Labor Force | 2020 Q3 | 5,376 | 5,361 | Ths., SA | Quarterly |
| Unemployment | 2020 Q3 | 146.64 | 132.37 | Ths., SA | Quarterly |
| Unemployment Rate | 2020 Q3 | 2.73 | 2.47 | %, SA | Quarterly |
| Real Wages & Salaries | 2020 Q3 | 101.7 | 97.6 | Vol. Index CPPY=100, NSA | Quarterly |
| Wage & Salaries | 2020 Q3 | 35,402 | 34,312 | CZK, NSA | Quarterly |
| Agriculture Employment | 2018 | 148.33 | 146.33 | Ths. | Annual |
| Trade | Reference | Last | Previous | Units | Frequency |
| Balance of Goods | Nov 2020 | 66,571 | 67,293 | Millions of Czech Korunas, NSA | Monthly |
| Imports of Goods | Nov 2020 | 385,113 | 386,533 | Millions of Czech Korunas, NSA | Monthly |
| Exports of Goods | Nov 2020 | 451,684 | 453,826 | Millions of Czech Korunas, NSA | Monthly |
| Current Account Balance | 2020 Q3 | 70,511 | 8,257 | Mil. CZK, NSA | Quarterly |
| Real Exports of Goods and Services | 2020 Q3 | 1,067,696 | 846,010 | Mil. Ch. 2015 CZK, CDASA | Quarterly |
| Exports of Goods and Services | 2020 Q3 | 1,039,481 | 840,556 | Mil. CZK, CDASA | Quarterly |
| Imports of Goods and Services | 2020 Q3 | 912,920 | 798,495 | Mil. CZK, CDASA | Quarterly |
| Real Imports of Goods and Services | 2020 Q3 | 958,495 | 823,840 | Mil. Ch. 2015 CZK, CDASA | Quarterly |
| Government | Reference | Last | Previous | Units | Frequency |
| Gross External Debt | 2020 Q2 | 0 | 0 | USD, NSA | Quarterly |
| Outstanding Public Debt - Domestic | 2019 | 915,902 | 858,485 | Mil. CZK, NSA | Annual |
| Government Revenues | 2019 | 2,159,657 | 2,017,814 | Mil. CZK, NSA | Annual |
| Outstanding Public Debt - Foreign | 2019 | 802,032 | 841,347 | Mil. CZK, NSA | Annual |
| Government Expenditures | 2019 | 2,162,719 | 2,010,230 | Mil. CZK, NSA | Annual |
| Markets | Reference | Last | Previous | Units | Frequency |
| Lending Rate | 22 Jan 2021 | 0.25 | 0.25 | Percent, NSA | Daily |
| Money Market Rate | 21 Jan 2021 | 0.09 | 0.09 | % P.A., NSA | Business Daily |
| Stock Market Index | 21 Jan 2021 | 1,059 | 1,074 | Index, NSA | Business Daily |
| Average Long-term Government Bond | Dec 2020 | 1.26 | 1.12 | % p.a., NSA | Monthly |
| Treasury Bills (over 31 days) | Nov 2018 | 0.5 | 0.5 | % p.a., NSA | Monthly |
| Real Estate | Reference | Last | Previous | Units | Frequency |
| Residential Building Permits | Nov 2020 | 2,558 | 2,519 | #, NSA | Monthly |
| Building Permits | Nov 2020 | 7,262 | 7,004 | #, NSA | Monthly |
| Non-residential Building Permits | Nov 2020 | 1,393 | 1,368 | #, NSA | Monthly |
| House Price Index for New Homes | 2020 Q3 | 161.2 | 156.8 | Index 2015=100, NSA | Quarterly |
| House Price Index for Existing Homes | 2020 Q3 | 154.4 | 150.6 | Index 2015=100, NSA | Quarterly |
| Building Completions | 2020 Q3 | 8,044 | 7,225 | #, NSA | Quarterly |
| Residential Housing Starts | 2020 Q3 | 8,510 | 9,506 | #, NSA | Quarterly |
| Housing Starts | 2020 Q3 | 8,510 | 9,506 | #, NSA | Quarterly |
| Non-residential Building Completions | 2020 Q3 | 171 | 241 | #, NSA | Quarterly |
| Non-residential Housing Starts | 2020 Q3 | 267 | 419 | #, NSA | Quarterly |
| Residential Building Completions | 2020 Q3 | 4,750 | 4,608 | #, NSA | Quarterly |
| House Price Index | 2019 Q4 | 146.2 | 144.1 | Index 2010=100, NSA | Quarterly |
| Consumer | Reference | Last | Previous | Units | Frequency |
| Consumer Confidence | Dec 2020 | -14.5 | -22.5 | Balance of Opinion, NSA | Monthly |
| Retail Sales | Nov 2020 | 126.79 | 128.62 | Index 2015=100, NSA | Monthly |
| Real Retail Sales | Nov 2020 | 119.38 | 119.97 | Vol. Index 2015=100, NSA | Monthly |
| Business | Reference | Last | Previous | Units | Frequency |
| Capacity Utilization | 2020 Q4 | 81.1 | 75.5 | %, SA | Quarterly |
| Business Confidence | Dec 2020 | -1 | -7.2 | Balance of Opinion, NSA | Monthly |
| Industrial Production | Nov 2020 | 118.7 | 120.68 | Index 2015=100, NSA | Monthly |
| Real Change in Inventories | 2020 Q3 | -19,137 | -12,144 | Mil. Ch. 2015 CZK, CDASA | Quarterly |
| Change in Inventories | 2020 Q3 | -21,036 | -11,432 | Mil. CZK, CDASA | Quarterly |
| Demographics | Reference | Last | Previous | Units | Frequency |
| Net Migration | Sep 2020 | 2,685 | 3,594 | #, NSA | Monthly |
| Births | 2019 | 112,633 | 114,419 | # | Annual |
| Deaths | 2019 | 112,362 | 112,920 | # | Annual |
| Population | 2019 | 10,669,324 | 10,626,430 | Number | Annual |
Factbook
Background
Background:
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 predominantly Czech leaders were frequently preoccupied with meeting the increasingly strident demands of other ethnic minorities within the republic, most notably the Slovaks, the Sudeten Germans, and the Ruthenians (Ukrainians). On the eve of World War II, Nazi Germany occupied the territory that today comprises Czechia, and Slovakia became an independent state allied with 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 rule and create "socialism with a human face," ushering in a period of repression known as "normalization." The peaceful "Velvet Revolution" swept the Communist Party from power at the end of 1989 and inaugurated a return to democratic rule and a market economy. On 1 January 1993, the country underwent a nonviolent "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. The country added the short-form name Czechia in 2016, while continuing to use the full form name, Czech Republic.
Geography
Location:
Central Europe, between Germany, Poland, Slovakia, and Austria
Geographic coordinates:
49 45 N, 15 30 E
Map references:
Europe
Area:
total: 78,867 sq km
land: 77,247 sq km
water: 1,620 sq km
country comparison to the world: 117
Area - comparative:
about two-thirds the size of Pennsylvania; slightly smaller than South Carolina
Land boundaries:
total: 2,143 km
border countries (4): Austria 402 km, Germany 704 km, Poland 796 km, Slovakia 241 km
Coastline:
0 km (landlocked)
Maritime claims:
none (landlocked)
Climate:
temperate; cool summers; cold, cloudy, humid winters
Terrain:
Bohemia in the west consists of rolling plains, hills, and plateaus surrounded by low mountains; Moravia in the east consists of very hilly country
Elevation:
mean elevation: 433 m
elevation extremes: lowest point: Labe (Elbe) River 115 m
highest point: Snezka 1,602 m
Natural resources:
hard coal, soft coal, kaolin, clay, graphite, timber, arable land
Land use:
agricultural land: 54.8%
arable land 41%; permanent crops 1%; permanent pasture 12.8%
forest: 34.4%
other: 10.8% (2011 est.)
Irrigated land:
320 sq km (2012)
Population - distribution:
a fairly even distribution throughout most of the country, but the northern and eastern regions tend to have larger urban concentrations
Natural hazards:
flooding
Environment - current issues:
air and water pollution in areas of northwest Bohemia and in northern Moravia around Ostrava present health risks; acid rain damaging forests; land pollution caused by industry, mining, and agriculture
Environment - international agreements:
party to: Air Pollution, Air Pollution-Nitrogen Oxides, Air Pollution-Persistent Organic Pollutants, Air Pollution-Sulfur 85, Air Pollution-Sulfur 94, Air Pollution-Volatile Organic Compounds, Antarctic-Environmental Protocol, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Ozone Layer Protection, Ship Pollution, Wetlands, Whaling
signed, but not ratified: none of the selected agreements
Geography - note:
landlocked; strategically located astride some of oldest and most significant land routes in Europe; Moravian Gate is a traditional military corridor between the North European Plain and the Danube in central Europe
People & Society
Population:
10,674,723 (July 2017 est.)
country comparison to the world: 87
Nationality:
noun: Czech(s)
adjective: Czech
Ethnic groups:
Czech 64.3%, Moravian 5%, Slovak 1.4%, other 1.8%, unspecified 27.5% (2011 est.)
Languages:
Czech (official) 95.4%, Slovak 1.6%, other 3% (2011 census)
Religions:
Roman Catholic 10.4%, Protestant (includes Czech Brethren and Hussite) 1.1%, other and unspecified 54%, none 34.5% (2011 est.)
Age structure:
0-14 years: 15.16% (male 831,150/female 786,984)
15-24 years: 9.59% (male 527,232/female 496,530)
25-54 years: 43.84% (male 2,403,333/female 2,276,261)
55-64 years: 12.44% (male 646,106/female 681,541)
65 years and over: 18.98% (male 842,384/female 1,183,202) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 49.5
youth dependency ratio: 22.6
elderly dependency ratio: 26.9
potential support ratio: 3.7 (2015 est.)
Median age:
total: 42.1 years
male: 40.8 years
female: 43.4 years (2017 est.)
country comparison to the world: 33
Population growth rate:
0.12% (2017 est.)
country comparison to the world: 188
Birth rate:
9.3 births/1,000 population (2017 est.)
country comparison to the world: 203
Death rate:
10.5 deaths/1,000 population (2017 est.)
country comparison to the world: 31
Net migration rate:
2.3 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 41
Population distribution:
a fairly even distribution throughout most of the country, but the northern and eastern regions tend to have larger urban concentrations
Urbanization:
urban population: 73% of total population (2017)
rate of urbanization: 0.3% annual rate of change (2015-20 est.)
Major urban areas - population:
PRAGUE (capital) 1.314 million (2015)
Sex ratio:
at birth: 1.06 male(s)/female
0-14 years: 1.06 male(s)/female
15-24 years: 1.06 male(s)/female
25-54 years: 1.05 male(s)/female
55-64 years: 0.94 male(s)/female
65 years and over: 0.7 male(s)/female
total population: 0.97 male(s)/female (2017 est.)
Mother's mean age at first birth:
28.1 years (2014 est.)
Maternal mortality ratio:
4 deaths/100,000 live births (2015 est.)
country comparison to the world: 180
Infant mortality rate:
total: 2.6 deaths/1,000 live births
male: 2.8 deaths/1,000 live births
female: 2.5 deaths/1,000 live births (2017 est.)
country comparison to the world: 217
Life expectancy at birth:
total population: 78.8 years
male: 75.8 years
female: 81.9 years (2017 est.)
country comparison to the world: 56
Total fertility rate:
1.45 children born/woman (2017 est.)
country comparison to the world: 203
Contraceptive prevalence rate:
86.3%
note: percent of women aged 18-44 (2008)
Health expenditures:
7.4% of GDP (2014)
country comparison to the world: 71
Physicians density:
3.68 physicians/1,000 population (2013)
Hospital bed density:
6.5 beds/1,000 population (2015)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 99.1% of population
rural: 99.2% of population
total: 99.1% of population
unimproved:
urban: 0.9% of population
rural: 0.8% of population
total: 0.9% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
<.1% (2016 est.)
HIV/AIDS - people living with HIV/AIDS:
3,400 (2016 est.)
country comparison to the world: 110
HIV/AIDS - deaths:
<100 (2016 est.)
Obesity - adult prevalence rate:
26% (2016)
country comparison to the world: 46
Education expenditures:
4% of GDP (2014)
country comparison to the world: 106
Literacy:
definition: NA
total population: 99%
male: 99%
female: 99% (2011 est.)
School life expectancy (primary to tertiary education):
total: 17 years
male: 16 years
female: 18 years (2014)
Unemployment, youth ages 15-24:
total: 12.6%
male: 11.3%
female: 14.4% (2015 est.)
country comparison to the world: 105
Government
Country name:
conventional long form: Czech Republic
conventional short form: Czechia
local long form: Ceska republika
local short form: Cesko
etymology: name derives from the Czechs, a West Slavic tribe who rose to prominence in the late 9th century A.D.
Government type:
parliamentary republic
Capital:
name: Prague
geographic coordinates: 50 05 N, 14 28 E
time difference: UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
13 regions (kraje, singular - kraj) and 1 capital city* (hlavni mesto); Jihocesky (South Bohemia), Jihomoravsky (South Moravia), Karlovarsky (Karlovy Vary), Kralovehradecky (Hradec Kralove), Liberecky (Liberec), Moravskoslezsky (Moravia-Silesia), Olomoucky (Olomouc), Pardubicky (Pardubice), Plzensky (Pilsen), Praha (Prague)*, Stredocesky (Central Bohemia), Ustecky (Usti), Vysocina (Highlands), Zlinsky (Zlin)
Independence:
1 January 1993 (Czechoslovakia split into the Czech Republic and Slovakia); note - although 1 January is the day the Czech Republic came into being, the Czechs commemorate 28 October 1918, the day the former Czechoslovakia declared its independence from the Austro-Hungarian Empire, as their independence day
National holiday:
Czechoslovak Founding Day, 28 October (1918)
Constitution:
history: previous 1960; latest ratified 16 December 1992, effective 1 January 1993
amendments: passage requires at least three-fifths concurrence by members present in both houses of Parliament; amended several times, last in 2013 (2017)
Legal system:
new civil code enacted in 2014, replacing civil code of 1964 - based on former Austro-Hungarian civil codes and socialist theory - and reintroducing former Czech legal terminology
International law organization participation:
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Czechia
dual citizenship recognized: no
residency requirement for naturalization: 5 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Milos ZEMAN (since 8 March 2013)
head of government: Prime Minister Andrej BABIS (since 13 December 2017); First Deputy Prime Minister Richard BRABEC (since 13 December 2017); Second Deputy Prime Minister Martin STROPNICKY (since 13 December 2017); note - the current government of Prime Minister Andrej BABIS was sworn in on 13 December 2017 but lost a confidence vote on 16 January 2018 and resigned the next day; President Milos ZEMAN accepted the resignation on 24 January 2018; the government is currently ruling in resignation
cabinet: Cabinet appointed by the president on the recommendation of the prime minister
elections/appointments: president directly elected by absolute majority popular vote in 2 rounds if needed for a 5-year term (limited to 2 consecutive terms); elections last held on 12-13 January 2018 with a runoff on 26-27 January 2018 (next to be held in January 2023); prime minister appointed by the president for a 4-year term
election results: Milos ZEMAN reelected president in the second round; percent of vote - Milos ZEMAN (SPO) 51.4%, Jiri DRAHOS (independent) 48.6%
Legislative branch:
description: bicameral Parliament or Parlament consists of the Senate or Senat (81 seats; members directly elected in single-seat constituencies by absolute majority vote in 2 rounds if needed; members serve 6-year terms with one-third of the membership renewed every 2 years) and the Chamber of Deputies or Poslanecka Snemovna (200 seats; members directly elected in 14 multi-seat constituencies by proportional representation vote with a 5% threshold required to fill a seat; members serve 4-year terms)
elections: Senate - last held in 2 rounds on 7-8 and 14-15 October 2016 (next to be held in October 2018); Chamber of Deputies - last held on 20-21 October 2017 (next to be held by October 2021)
election results: Senate - percent of vote by party - NA; CSSD 25, KDU-CSL 14, ODS 9, ANO 7, STAN 5, SZ 4, TOP 09 2, SLK 2, SZ 2, SPO 1, Movement for Prague 1, S.cz. 1, KSCM 1, other 5, independent 2; Chamber of Deputies - percent of vote by party - ANO 29.6%, ODS 11.3%, Pirates 10.8%, SPD 10.6%, KSCM 7.8%, CSSD 7.3%, KDU-CSL 5.8%, TOP 09 5.3%, STAN 5.2%, other 6.3%; seats by party - ANO 78, ODS 25, Pirates 22, SPD 22, KSCM 15, CSSD 15, KDU-CSL 10, TOP 09 7, STAN 6
note: Senate seats by party as of 20 May 2017 - CSSD 25, KDU-CSL 16, STAN and TOP 09 11, ODS 10, ANO 7, SPO 2, SZ 2, S.cz. 1, KSCM 1, Movement for Prague 1, independent 5
Judicial branch:
highest court(s): Supreme Court (organized into Civil Law and Commercial Division, and Criminal Division each with a court chief justice, vice justice, and several judges); Constitutional Court (consists of 15 justices); Supreme Administrative Court (consists of 28 judges)
judge selection and term of office: Supreme Court judges proposed by the Chamber of Deputies and appointed by the president; judges appointed for life; Constitutional Court judges appointed by the president and confirmed by the Senate; judges appointed for 10-year, renewable terms; Supreme Administrative Court judges selected by the president of the Court; unlimited terms
subordinate courts: High Court; regional and district courts
Political parties and leaders:
Christian Democratic Union-Czechoslovak People's Party or KDU-CSL [Pavel BELOBRADEK]
Civic Democratic Party or ODS [Petr FIALA]
Communist Party of Bohemia and Moravia or KSCM [Vojtech FILIP]
Czech Social Democratic Party or CSSD [Jan HAMACEK]
Dawn - National Coalition or Usvit-NK [Miroslav LIDINSKY]
Free Citizens Party or Svobodni [Petr MACH]
Freedom and Direct Democracy or SPD [Tomio OKAMURA]
Green Party or SZ [Petr STEPANEK]
Mayors and Independents or STAN [Petr GAZDIK]
Movement for Prague
Movement of Dissatisfied Citizens or ANO [Andrej BABIS]
Nestranici (Non-Partisans) or NK [Vera RYBOVA]
North Bohemians or S.cz [Bronislav SCHWARZ]
Party of Civic Rights or SPO [Lubomir NECAS]
Pirate Party or Pirates [Ivan BARTOS]
Tradition Responsibility Prosperity 09 or TOP 09 [Jiri POSPISIL]
Political pressure groups and leaders:
Czech-Moravian Confederation of Trade Unions or CMKOS [Josef STREDULA]
International organization participation:
Australia Group, BIS, BSEC (observer), CD, CE, CEI, CERN, EAPC, EBRD, ECB, EIB, ESA, EU, FAO, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MONUSCO, NATO, NEA, NSG, OAS (observer), OECD, OIF (observer), OPCW, OSCE, PCA, Schengen Convention, SELEC, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Hynek KMONICEK (since 24 April 2017)
chancery: 3900 Spring of Freedom Street NW, Washington, DC 20008
telephone: [1] (202) 274-9100
FAX: [1] (202) 966-8540
consulate(s) general: Chicago, Los Angeles, New York
Diplomatic representation from the US:
chief of mission: Ambassador Stephen B. KING (since 6 December 2017)
embassy: Trziste 15, 118 01 Prague 1 - Mala Strana
mailing address: use embassy street address
telephone: [420] 257 022 000
FAX: [420] 257 022 809
Flag description:
two equal horizontal bands of white (top) and red with a blue isosceles triangle based on the hoist side
note: combines the white and red colors of Bohemia with blue from the arms of Moravia; is identical to the flag of the former Czechoslovakia
National symbol(s):
silver (or white), double-tailed, rampant lion; national colors: white, red, blue
National anthem:
name: "Kde domov muj?" (Where is My Home?)
lyrics/music: Josef Kajetan TYL/Frantisek Jan SKROUP
note: adopted 1993; the anthem was originally written as incidental music to the play "Fidlovacka" (1834), it soon became very popular as an unofficial anthem of the Czech nation; its first verse served as the official Czechoslovak anthem beginning in 1918, while the second verse (Slovak) was dropped after the split of Czechoslovakia in 1993
Economy
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):
$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
GDP (official exchange rate):
$209.7 billion (2017 est.)
GDP - real growth rate:
3.5% (2017 est.)
2.6% (2016 est.)
5.3% (2015 est.)
country comparison to the world: 91
GDP - per capita (PPP):
$35,200 (2017 est.)
$34,100 (2016 est.)
$33,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 55
Gross national saving:
27.2% of GDP (2017 est.)
27.4% of GDP (2016 est.)
28.2% of GDP (2015 est.)
country comparison to the world: 40
GDP - composition, by end use:
household consumption: 47.7%
government consumption: 19.2%
investment in fixed capital: 25.2%
investment in inventories: 1.2%
exports of goods and services: 79.1%
imports of goods and services: -72.4% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 2.5%
industry: 37.8%
services: 59.7% (2017 est.)
Agriculture - products:
wheat, potatoes, sugar beets, hops, fruit; pigs, poultry
Industries:
motor vehicles, metallurgy, machinery and equipment, glass, armaments
Industrial production growth rate:
5.3% (2017 est.)
country comparison to the world: 41
Labor force:
5.427 million (2017 est.)
country comparison to the world: 76
Labor force - by occupation:
agriculture: 2.8%
industry: 38%
services: 59.2% (2015 est.)
Unemployment rate:
2.8% (2017 est.)
4% (2016 est.)
country comparison to the world: 32
Population below poverty line:
9.7% (2015 est.)
Household income or consumption by percentage share:
lowest 10%: 4.1%
highest 10%: 21.7% (2015 est.)
Distribution of family income - Gini index:
25 (2015 est.)
25.1 (2014 est.)
country comparison to the world: 150
Budget:
revenues: $83.62 billion
expenditures: $83.93 billion (2017 est.)
Taxes and other revenues:
39.9% of GDP (2017 est.)
country comparison to the world: 35
Budget surplus (+) or deficit (-):
-0.1% of GDP (2017 est.)
country comparison to the world: 38
Public debt:
35.1% of GDP (2017 est.)
36.8% of GDP (2016 est.)
country comparison to the world: 148
Fiscal year:
calendar year
Inflation rate (consumer prices):
2.3% (2017 est.)
0.7% (2016 est.)
country comparison to the world: 110
Central bank discount rate:
0.05% (31 December 2017 est.)
0.05% (31 December 2016 est.)
note: this is the two-week repo, the main rate CNB uses
country comparison to the world: 147
Commercial bank prime lending rate:
3.9% (31 December 2017 est.)
3.91% (31 December 2016 est.)
country comparison to the world: 161
Stock of narrow money:
$172.7 billion (31 December 2017 est.)
$133.5 billion (31 December 2016 est.)
country comparison to the world: 28
Stock of broad money:
$190 billion (31 December 2017 est.)
$148.7 billion (31 December 2016 est.)
country comparison to the world: 43
Stock of domestic credit:
$142.8 billion (31 December 2017 est.)
$124.3 billion (31 December 2016 est.)
country comparison to the world: 52
Market value of publicly traded shares:
$44.5 billion (31 December 2017 est.)
$39.91 billion (31 December 2016 est.)
$45.63 billion (31 December 2015 est.)
country comparison to the world: 55
Current account balance:
$1.192 billion (2017 est.)
$2.154 billion (2016 est.)
country comparison to the world: 36
Exports:
$157.4 billion (2017 est.)
$131.1 billion (2016 est.)
country comparison to the world: 33
Exports - commodities:
machinery and transport equipment, raw materials, fuel, chemicals
Exports - partners:
Germany 32.4%, Slovakia 8.4%, Poland 5.8%, UK 5.2%, France 5.2%, Italy 4.3%, Austria 4.2% (2016)
Imports:
$147.4 billion (2017 est.)
$120.8 billion (2016 est.)
country comparison to the world: 31
Imports - commodities:
machinery and transport equipment, raw materials and fuels, chemicals
Imports - partners:
Germany 30.6%, Poland 9.6%, China 7.5%, Slovakia 6.3%, Netherlands 5.3%, Italy 4.1% (2016)
Reserves of foreign exchange and gold:
$161 billion (31 December 2017 est.)
$85.73 billion (31 December 2016 est.)
country comparison to the world: 16
Debt - external:
$145.8 billion (31 December 2017 est.)
$138 billion (31 December 2016 est.)
country comparison to the world: 42
Stock of direct foreign investment - at home:
$146.5 billion (31 December 2017 est.)
$139.6 billion (31 December 2016 est.)
country comparison to the world: 36
Stock of direct foreign investment - abroad:
$45.79 billion (31 December 2017 est.)
$43.09 billion (31 December 2016 est.)
country comparison to the world: 45
Exchange rates:
koruny (CZK) per US dollar -
23.34 (2017 est.)
24.44 (2016 est.)
24.44 (2015 est.)
24.6 (2014 est.)
20.76 (2013 est.)
Energy
Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
77.74 billion kWh (2015 est.)
country comparison to the world: 39
Electricity - consumption:
61.16 billion kWh (2015 est.)
country comparison to the world: 43
Electricity - exports:
24.79 billion kWh (2016 est.)
country comparison to the world: 8
Electricity - imports:
13.82 billion kWh (2016 est.)
country comparison to the world: 19
Electricity - installed generating capacity:
21.51 million kW (2015 est.)
country comparison to the world: 41
Electricity - from fossil fuels:
56.6% of total installed capacity (2015 est.)
country comparison to the world: 139
Electricity - from nuclear fuels:
18.3% of total installed capacity (2015 est.)
country comparison to the world: 9
Electricity - from hydroelectric plants:
5.1% of total installed capacity (2015 est.)
country comparison to the world: 129
Electricity - from other renewable sources:
14.5% of total installed capacity (2015 est.)
country comparison to the world: 50
Crude oil - production:
2,333 bbl/day (2016 est.)
country comparison to the world: 87
Crude oil - exports:
518.7 bbl/day (2016 est.)
country comparison to the world: 75
Crude oil - imports:
105,800 bbl/day (2016 est.)
country comparison to the world: 43
Crude oil - proved reserves:
15 million bbl (1 January 2017 est.)
country comparison to the world: 89
Refined petroleum products - production:
121,000 bbl/day (2016 est.)
country comparison to the world: 64
Refined petroleum products - consumption:
180,400 bbl/day (2016 est.)
country comparison to the world: 59
Refined petroleum products - exports:
49,000 bbl/day (2016 est.)
country comparison to the world: 55
Refined petroleum products - imports:
103,200 bbl/day (2016 est.)
country comparison to the world: 57
Natural gas - production:
247 million cu m (2015 est.)
country comparison to the world: 76
Natural gas - consumption:
11.51 billion cu m (2015 est.)
country comparison to the world: 52
Natural gas - exports:
1 million cu m (2014 est.)
country comparison to the world: 56
Natural gas - imports:
7.474 billion cu m (2015 est.)
country comparison to the world: 30
Natural gas - proved reserves:
3.964 billion cu m (1 January 2017 est.)
country comparison to the world: 97
Carbon dioxide emissions from consumption of energy:
103 million Mt (2015 est.)
country comparison to the world: 39
Communications
Telephones - fixed lines:
total subscriptions: 1,758,590
subscriptions per 100 inhabitants: 16 (July 2016 est.)
country comparison to the world: 63
Telephones - mobile cellular:
total: 12,485,045
subscriptions per 100 inhabitants: 117 (July 2016 est.)
country comparison to the world: 76
Telephone system:
general assessment: good telephone and Internet service; there are three major mobile phone providers, though the government is facing criticism for failing to promote sufficient competition, with critics complaining that Czech mobile phone and data prices are among the highest in the EU
domestic: access to the fixed-line telephone network expanded throughout the 1990s, but the number of fixed-line connections has been dropping since then; mobile telephone usage increased sharply beginning in the mid-1990s, and the number of cellular telephone subscriptions now greatly exceeds the population
international: country code - 420; satellite earth stations - 6 (2 Intersputnik - Atlantic and Indian Ocean regions, 1 Intelsat, 1 Eutelsat, 1 Inmarsat, 1 Globalstar) (2017)
Broadcast media:
22 TV stations operate nationally, with 17 of them in private hands; publicly operated Czech Television has 5 national channels; throughout the country, there are some 350 TV channels in operation, many through cable, satellite, and IPTV subscription services; 63 radio broadcasters are registered, operating over 80 radio stations, including 7 multiregional radio stations or networks; publicly operated broadcaster Czech Radio operates 4 national, 14 regional, and 4 Internet stations; both Czech Radio and Czech Television are partially financed through a license fee (2018)
Internet country code:
.cz
Internet users:
total: 8,141,303
percent of population: 76.5% (July 2016 est.)
country comparison to the world: 53
Transportation
National air transport system:
number of registered air carriers: 4
inventory of registered aircraft operated by air carriers: 48
annual passenger traffic on registered air carriers: 4,971,616
annual freight traffic on registered air carriers: 26,619,650 mt-km (2015)
Civil aircraft registration country code prefix:
OK (2016)
Airports:
128 (2013)
country comparison to the world: 46
Airports - with paved runways:
total: 41
over 3,047 m: 2
2,438 to 3,047 m: 9
1,524 to 2,437 m: 12
914 to 1,523 m: 2
under 914 m: 16 (2017)
Airports - with unpaved runways:
total: 87
1,524 to 2,437 m: 1
914 to 1,523 m: 25
under 914 m: 61 (2013)
Heliports:
1 (2013)
Pipelines:
gas 7,160 km; oil 536 km; refined products 94 km (2013)
Railways:
total: 9,621.5 km
standard gauge: 9,519.5 km 1.435-m gauge (3,240.5 km electrified)
narrow gauge: 102 km 0.760-m gauge (2014)
country comparison to the world: 24
Roadways:
total: 130,661 km (includes urban roads)
paved: 130,661 km (includes 730 km of expressways) (2011)
country comparison to the world: 40
Waterways:
664 km (principally on Elbe, Vltava, Oder, and other navigable rivers, lakes, and canals) (2010)
country comparison to the world: 76
Ports and terminals:
river port(s): Prague (Vltava); Decin, Usti nad Labem (Elbe)
Military & Security
Military expenditures:
0.98% of GDP (2016)
0.96% of GDP (2015)
0.97% of GDP (2014)
0.99% of GDP (2013)
1.03% of GDP (2012)
country comparison to the world: 117
Military branches:
Army of the Czech Republic (Armada Ceske Republiky): General Staff (Generalni Stab, includes Land Forces (Pozemni sily) and Air Forces (Vzdusne sily)) (2018)
Military service age and obligation:
18-28 years of age for male and female voluntary military service; no conscription (2012)
Transnational Issues
Disputes - international:
none
Refugees and internally displaced persons:
stateless persons: 1,502 (2016)
Illicit drugs:
transshipment point for Southwest Asian heroin and minor transit point for Latin American cocaine to Western Europe; producer of synthetic drugs for local and regional markets; susceptible to money laundering related to drug trafficking, organized crime; significant consumer of ecstasy
