| Economy | Czech Republic |
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Economy - 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 very 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 4.1% 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 suppliers, accounts for as much as 20% 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):
|
$272.2 billion (2011 est.)
$267.3 billion (2010 est.)
$261.2 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$25,900 (2011 est.)
$25,400 (2010 est.)
$25,000 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$220.3 billion (2011 est.) |
GDP - real growth rate:
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1.8% (2011 est.)
2.3% (2010 est.)
-4.1% (2009 est.) |
GDP - composition by sector:
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agriculture: 2.2%
industry: 38.7%
services: 59% (2011 est.) |
Investment (gross fixed):
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22% of GDP (2011 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 1.5%
highest 10%: NA (2009) |
Distribution of family income - Gini index:
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26 (2005)
25.4 (1996) |
Inflation rate (consumer prices):
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1.9% (2011 est.)
1.5% (2010 est.) |
Central bank discount rate:
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0.75% (31 December 2010 est.)
1% (31 December 2009 est.)
note: the two-week repo rate was 0.75% on 31 December 2010; this is the main rate CNB uses |
Commercial bank prime lending rate:
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5.8% (31 December 2011 est.)
5.889% (31 December 2010 est.) |
Stock of money:
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$86.56 billion (31 December 2008)
$84.43 billion (31 December 2007) |
Stock of money - per capita:
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8,495 USD per capita |
Stock of quasi money:
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$58.69 billion (31 December 2008)
$58.77 billion (31 December 2007) |
Stock of quasi money - per capita:
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5,760 USD per capita |
Stock of domestic credit:
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$142.5 billion (31 December 2011 est.)
$126.5 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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13,985 USD per capita |
Stock of narrow money:
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$126.9 billion (31 December 2011 est.)
$107.8 billion (31 December 2010 est.) |
Stock of broad money:
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$160 billion (31 December 2011 est.)
$144.4 billion (31 December 2010 est.) |
Labor force:
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5.545 million (2011 est.) |
Labor force participation rate:
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54.41 % of population |
Labor force - by occupation:
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agriculture: 3.1%
industry: 38.6%
services: 58.3% (2009) |
Unemployment rate:
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8.5% (2011 est.)
9% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 16.6%
male: 16.6%
female: 16.7% (2009) |
Budget:
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revenues: $87.25 billion
expenditures: $97.03 billion (2011 est.) |
Budget revenues per capita:
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8,563 USD per capita |
Taxes and other revenues:
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39.6% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-4.4% of GDP (2011 est.) |
Public debt:
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39.9% of GDP (2011 est.)
37.6% of GDP (2010 est.) |
Industries:
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motor vehicles, metallurgy, machinery and equipment, glass, armaments |
Industrial production growth rate:
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6.7% (2011 est.) |
Electricity - production:
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77.02 billion kWh (2009 est.) |
Electricity - production per capita:
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7,559 kWh per capita |
Electricity - consumption:
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53.42 billion kWh (2009 est.) |
Electricity - consumption - per capita:
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5,243 kWh per capita |
Electricity - exports:
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22.23 billion kWh (2009 est.) |
Electricity - imports:
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13.64 billion kWh (2009 est.) |
Oil - production:
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10,310 bbl/day (2010 est.) |
Oil - production per capita:
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1,012 bbl/day per capita |
Oil - consumption:
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195,700 bbl/day (2010 est.) |
Oil - consumption - per capita:
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7.01 bbl/year per capita |
Oil - exports:
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25,480 bbl/day (2009 est.) |
Oil - imports:
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208,800 bbl/day (2009 est.) |
Oil - proved reserves:
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15 million bbl (1 January 2011 est.) |
Natural gas - production:
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203 million cu m (2010 est.) |
Natural gas - production per capita:
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20 cu m per capita |
Natural gas - consumption:
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9.308 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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914 cu m per capita |
Natural gas - exports:
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159 million cu m (2010 est.) |
Natural gas - imports:
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8.51 billion cu m (2010 est.) |
Natural gas - proved reserves:
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3.964 billion cu m (1 January 2011 est.) |
Agriculture - products:
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wheat, potatoes, sugar beets, hops, fruit; pigs, poultry |
Current account balance:
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-$6.29 billion (2011 est.)
-$5.993 billion (2010 est.) |
Current account balance - per capita:
|
-617 USD per capita |
Exports:
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$146.7 billion (2011 est.)
$116.7 billion (2010 est.) |
Exports per capita:
|
14,397 USD per capita |
Exports - commodities:
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machinery and transport equipment, raw materials and fuel, chemicals |
Exports - partners:
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Germany 31.7%, Slovakia 8.7%, Poland 6.2%, France 5.5%, UK 4.9%, Austria 4.7%, Italy 4.5% (2010 est.) |
Imports:
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$143.5 billion (2011 est.)
$113.9 billion (2010 est.) |
Imports per capita:
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14,083 USD per capita |
Imports - commodities:
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machinery and transport equipment, raw materials and fuels, chemicals |
Imports - partners:
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Germany 25.6%, China 11.9%, Poland 6.5%, Russia 5.4%, Slovakia 5.2% (2010 est.) |
Reserves of foreign exchange and gold:
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$44.62 billion (31 December 2011 est.)
$41.95 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
4,379 USD per capita |
Debt - external:
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$96.94 billion (31 December 2011 est.)
$86.53 billion (31 December 2010 est.) |
Debt - external - per capita:
|
9,514 USD per capita |
Stock of direct foreign investment - at home:
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$135.4 billion (31 December 2011 est.)
$129.9 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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13,288 USD per capita |
Stock of direct foreign investment - abroad:
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$16.82 billion (31 December 2011 est.)
$15.52 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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1,651 USD per capita |
Market value of publicly traded shares:
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$73.1 billion (31 December 2010)
$70.26 billion (31 December 2009)
$57.8 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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7,174 USD per capita |
Currency (code):
|
Czech koruna (CZK) |
Exchange rates:
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koruny (CZK) per US dollar -
17.25 (2011 est.)
19.098 (2010 est.)
19.063 (2009)
17.064 (2008)
20.53 (2007) |
Fiscal year:
|
calendar year |
|
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