| Economy | Czech Republic |
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Economy - overview:
|
The Czech Republic is one of the most stable and prosperous of the post-Communist states of Central and Eastern Europe. Maintaining an open investment climate has been a key element of the Czech Republic's transition from a communist, centrally planned economy to a functioning market economy. As a member of the European Union, with an advantageous location in the center of Europe, a relatively low cost structure, and a well-qualified labor force, the Czech Republic is an attractive destination for foreign investment. Prior to its EU accession in 2004, the Czech government harmonized its laws and regulations with those of the European Union. The government plans to meet the criteria for joining the eurozone around 2012. The small, open, export-driven Czech economy grew by over 6% annually from 2005-2007 and the strong growth continued throughout the first three quarters of 2008. Despite the global financial crisis, the conservative Czech financial system has remained relatively healthy. The rate of Czech economic growth, however, began to fall in the fourth quarter of 2008, mainly due to a significant drop in demand for Czech exports in Western Europe. This trend is expected to continue, with many analysts predicting Czech economy to contract slightly in 2009. |
GDP (purchasing power parity):
|
$266.3 billion (2008 est.)
$257.3 billion (2007)
$242.7 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$26,100 (2008 est.)
$25,200 (2007 est.)
$23,700 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$217.2 billion (2008 est.) |
GDP - real growth rate:
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3.9% (2008 est.)
6% (2007 est.)
6.8% (2006 est.) |
GDP - composition by sector:
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agriculture: 2.6%
industry: 38.7%
services: 58.7% (2008 est.) |
Investment (gross fixed):
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27.8% of GDP (2008 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 4.3%
highest 10%: 22.4% (1996) |
Distribution of family income - Gini index:
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26 (2005) |
Inflation rate (consumer prices):
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3.6% (2008) |
Central bank discount rate:
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1.25% (31 December 2008) |
Commercial bank prime lending rate:
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5.79% (31 December 2007) |
Stock of money:
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$84.43 billion (31 December 2007) |
Stock of money - per capita:
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8,268 USD per capita |
Stock of quasi money:
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$58.77 billion (31 December 2007) |
Stock of quasi money - per capita:
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5,756 USD per capita |
Stock of domestic credit:
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$103.9 billion (31 December 2007) |
Stock of domestic credit - per capita:
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10,175 USD per capita |
Labor force:
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5.37 million (2008 est.) |
Labor force participation rate:
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52.59 % of population |
Labor force - by occupation:
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agriculture: 3.6%
industry: 40.2%
services: 56.2% (2007) |
Unemployment rate:
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6% (2008) |
Budget:
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revenues: $94.96 billion
expenditures: $99.46 billion (2008 est.) |
Budget revenues per capita:
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9,299 USD per capita |
Public debt:
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29.4% of GDP (2008 est.) |
Industries:
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motor vehicles, metallurgy, machinery and equipment, glass, armaments |
Industrial production growth rate:
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7% (2008 est.) |
Electricity - production:
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82.88 billion kWh (2007 est.) |
Electricity - production per capita:
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8,117 kWh per capita |
Electricity - consumption:
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61.52 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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6,025 kWh per capita |
Electricity - exports:
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26.36 billion kWh (2007 est.) |
Electricity - imports:
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10.2 billion kWh (2007 est.) |
Oil - production:
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13,530 bbl/day (2007 est.) |
Oil - production per capita:
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1,325 bbl/day per capita |
Oil - consumption:
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207,400 bbl/day (2007 est.) |
Oil - consumption - per capita:
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7.41 bbl/year per capita |
Oil - exports:
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27,360 bbl/day (2005) |
Oil - imports:
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224,600 bbl/day (2005) |
Oil - proved reserves:
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15 million bbl (1 January 2008 est.) |
Natural gas - production:
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172 million cu m (2007 est.) |
Natural gas - production per capita:
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17 cu m per capita |
Natural gas - consumption:
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8.622 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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845 cu m per capita |
Natural gas - exports:
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402 million cu m (2007 est.) |
Natural gas - imports:
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8.628 billion cu m (2007 est.) |
Natural gas - proved reserves:
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3.964 billion cu m (1 January 2008 est.) |
Agriculture - products:
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wheat, potatoes, sugar beets, hops, fruit; pigs, poultry |
Current account balance:
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-$6.46 billion (2008 est.) |
Current account balance - per capita:
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-632 USD per capita |
Exports:
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$145.8 billion f.o.b. (2008 est.) |
Exports per capita:
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14,278 USD per capita |
Exports - commodities:
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machinery and transport equipment 52%, raw materials and fuel 9%, chemicals 5% (2003) |
Exports - partners:
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Germany 30.7%, Slovakia 8.7%, Poland 5.9%, France 5.4%, UK 5.1%, Italy 4.9%, Austria 4.6% (2007) |
Imports:
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$141.4 billion f.o.b. (2008 est.) |
Imports per capita:
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13,847 USD per capita |
Imports - commodities:
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machinery and transport equipment 46%, raw materials and fuels 15%, chemicals 10% (2003) |
Imports - partners:
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Germany 31.8%, Netherlands 6.7%, Slovakia 6.4%, Poland 6.3%, Austria 5.1%, China 5.1%, Russia 4.5%, Italy 4.4%, France 4.1% (2007) |
Reserves of foreign exchange and gold:
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$37 billion (31 December 2008) |
Reserves of foreign exchange and gold - per capita:
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3,624 USD per capita |
Debt - external:
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$88.74 billion (31 December 2008 est.) |
Debt - external - per capita:
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8,690 USD per capita |
Stock of direct foreign investment - at home:
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$107.6 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
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10,537 USD per capita |
Stock of direct foreign investment - abroad:
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$7.721 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
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757 USD per capita |
Market value of publicly traded shares:
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$73.42 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
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7,190 USD per capita |
Economic aid - donor:
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void |
Economic aid - recipient:
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$278.7 million in available EU structural adjustment and cohesion funds (2004) |
Economic aid - recipient per capita:
|
28 USD per capita |
Currency (code):
|
Czech koruna (CZK) |
Exchange rates:
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koruny (CZK) per US dollar - 17.064 (2008), 20.53 (2007), 22.596 (2006), 23.957 (2005), 25.7 (2004) |
Fiscal year:
|
calendar year |
|
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