Czechia Economy 2018, CIA World Factbook
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Czechia Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Czechia Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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 (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.5% (2017 est.) 2.6% (2016 est.) 5.3% (2015 est.)
country comparison to the world: 92
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$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
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 47.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 25.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 79.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -72.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 37.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 59.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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
[see also: Industrial production growth rate country ranks ]

Labor force:
5.427 million (2017 est.)
country comparison to the world: 76
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 38%
[see also: Labor force - by occupation - industry country ranks ]
services: 59.2% (2015)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
2.8% (2017 est.) 4% (2016 est.)
country comparison to the world: 28
[see also: Unemployment rate country ranks ]

Population below poverty line:
9.7% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 4.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 21.7% (2015 est.)

Distribution of family income - Gini index:
25 (2015) 25.1 (2014)
country comparison to the world: 144
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $83.62 billion
[see also: Budget - revenues country ranks ]
expenditures: $83.93 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
39.9% of GDP (2017 est.)
country comparison to the world: 35
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.1% of GDP (2017 est.)
country comparison to the world: 39
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
35.1% of GDP (2017 est.) 36.8% of GDP (2016 est.)
country comparison to the world: 147
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.3% (2017 est.) 0.7% (2016 est.)
country comparison to the world: 107
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.05% (31 December 2016) 0.05% (31 December 2015)
note: this is the two-week repo, the main rate CNB uses
country comparison to the world: 149
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.9% (31 December 2017 est.) 3.91% (31 December 2016 est.)
country comparison to the world: 161
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$172.7 billion (31 December 2017 est.) $133.5 billion (31 December 2016 est.)
country comparison to the world: 28
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$190 billion (31 December 2017 est.) $148.7 billion (31 December 2016 est.)
country comparison to the world: 43
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$142.8 billion (31 December 2017 est.) $124.3 billion (31 December 2016 est.)
country comparison to the world: 52
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$44.5 billion (31 December 2016 est.) $39.91 billion (31 December 2015 est.) $45.63 billion (31 December 2014 est.)
country comparison to the world: 55
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$1.192 billion (2017 est.) $2.154 billion (2016 est.)
country comparison to the world: 36
[see also: Current account balance country ranks ]

Exports:
$157.4 billion (2017 est.) $131.1 billion (2016 est.)
country comparison to the world: 33
[see also: Exports country ranks ]

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
[see also: Imports country ranks ]

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
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$145.8 billion (31 December 2017 est.) $138 billion (31 December 2016 est.)
country comparison to the world: 42
[see also: Debt - external country ranks ]

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
[see also: Stock of direct foreign investment - at home country ranks ]

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
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
koruny (CZK) per US dollar - 23.34 (2017 est.) 24.44 (2016 est.) 24.44 (2015 est.) 24.599 (2014 est.) 20.758 (2013 est.)


NOTE: 1) The information regarding Czechia on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Czechia Economy 2018 information contained here. All suggestions for corrections of any errors about Czechia Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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