| People | Czech Republic |
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Economy - overview:
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The Czech Republic is one of the most stable and prosperous of the post-Communist states of Central and Eastern Europe. Growth in 2000-07 was supported by exports to the EU, primarily to Germany, and a strong recovery of foreign and domestic investment. Domestic demand is playing an ever more important role in underpinning growth as the availability of credit cards and mortgages increases. The current account deficit has declined to around 3.3% of GDP as demand for automotive and other products from the Czech Republic remains strong in the European Union. Rising inflation from higher food and energy prices are a risk to balanced economic growth. Significant increases in social spending in the run-up to June 2006 elections prevented, the government from meeting its goal of reducing its budget deficit to 3% of GDP in 2007. Negotiations on pension and additional healthcare reforms are continuing without clear prospects for agreement and implementation. Intensified restructuring among large enterprises, improvements in the financial sector, and effective use of available EU funds should strengthen output growth. The pro-business Civic Democratic Party-led government approved reforms in 2007 designed to cut spending on some social welfare benefits and reform the tax system with the aim of eventually reducing the budget deficit to 2.3% of GDP by 2010. Parliamentary approval for any additional reforms could prove difficult, however, because of the parliament's even split. The government withdrew a 2010 target date for euro adoption and instead aims to meet the eurozone criteria around 2012. |
GDP (purchasing power parity):
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$249.1 billion (2007 est.) |
GDP (official exchange rate):
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$168.1 billion (2007 est.) |
GDP - real growth rate:
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5.7% (2007 est.) |
GDP - per capita (PPP):
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$24,400 (2007 est.) |
GDP - composition by sector:
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agriculture: 2.4%
industry: 39.7%
services: 57.9% (2007 est.) |
Investment (gross fixed):
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25.8% of GDP (2007 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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2.6% (2007 est.) |
Labor force:
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5.35 million (2007 est.) |
Labor force participation rate:
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52.34 % of population |
Labor force - by occupation:
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agriculture: 4.1%
industry: 37.6%
services: 58.3% (2003) |
Unemployment rate:
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6.6% (2007 est.) |
Budget:
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revenues: $69.49 billion
expenditures: $75.8 billion (2007 est.) |
Budget revenues per capita:
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6,799 USD per capita |
Public debt:
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31.1% of GDP (2007 est.) |
Industries:
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metallurgy, machinery and equipment, motor vehicles, glass, armaments |
Industrial production growth rate:
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9% (2007 est.) |
Electricity - production:
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77.38 billion kWh (2005) |
Electricity - production per capita:
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7,571 kWh per capita |
Electricity - consumption:
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59.72 billion kWh (2005) |
Electricity - consumption - per capita:
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5,843 kWh per capita |
Electricity - exports:
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24.99 billion kWh (2005) |
Electricity - imports:
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12.35 billion kWh (2005) |
Oil - production:
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18,030 bbl/day (2005) |
Oil - production per capita:
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1,765 bbl/day per capita |
Oil - consumption:
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213,000 bbl/day (2005 est.) |
Oil - consumption - per capita:
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7.61 bbl/year per capita |
Oil - exports:
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20,930 bbl/day (2004) |
Oil - imports:
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203,700 bbl/day (2004) |
Oil - proved reserves:
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15 million bbl (1 January 2006 est.) |
Natural gas - production:
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165 million cu m (2005 est.) |
Natural gas - production per capita:
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17 cu m per capita |
Natural gas - consumption:
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9.076 billion cu m (2005 est.) |
Natural gas - consumption - per capita:
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888 cu m per capita |
Natural gas - exports:
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81.52 million cu m (2005 est.) |
Natural gas - imports:
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8.976 billion cu m (2005) |
Natural gas - proved reserves:
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3.802 billion cu m (1 January 2006 est.) |
Agriculture - products:
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wheat, potatoes, sugar beets, hops, fruit; pigs, poultry |
Current account balance:
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-$5.701 billion (2007 est.) |
Current account balance - per capita:
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-557 USD per capita |
Exports:
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$113 billion f.o.b. (2007 est.) |
Exports per capita:
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11,056 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 32%, Slovakia 8.5%, Poland 5.7%, France 5.5%, Austria 5.1%, UK 4.8%, Italy 4.6% (2006) |
Imports:
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$109.8 billion f.o.b. (2007 est.) |
Imports per capita:
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10,743 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 32.5%, Netherlands 6.8%, Slovakia 6.2%, Poland 6.1%, Russia 5.7%, Austria 5%, Italy 4.4%, France 4.3% (2006) |
Reserves of foreign exchange and gold:
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$32.32 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
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3,163 USD per capita |
Debt - external:
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$61.74 billion (30 June 2007) |
Debt - external - per capita:
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6,041 USD per capita |
Stock of direct foreign investment - at home:
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$77.46 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$5.058 billion (2006 est.) |
Market value of publicly traded shares:
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$48.6 billion (2006) |
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:
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28 USD per capita |
Currency (code):
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Czech koruna (CZK) |
Exchange rates:
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koruny per US dollar - 20.53 (2007), 22.596 (2006), 23.957 (2005), 25.7 (2004), 28.209 (2003) |
Fiscal year:
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calendar year |
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