Czechia Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high income, diversified EU economy; advanced services and automotive exporter; mostly intra-EU trader; low unemployment; usually maintains a positive trade balance; large investments in systems innovation and information technologies

Real GDP (purchasing power parity)

$428.016 billion (2021 est.)

$413.365 billion (2020 est.)

$437.437 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.54% (2021 est.)

-5.5% (2020 est.)

3.03% (2019 est.)

Real GDP per capita

$40,700 (2021 est.)

$38,600 (2020 est.)

$41,000 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$250.631 billion (2019 est.)

Inflation rate (consumer prices)

3.84% (2021 est.)

3.16% (2020 est.)

2.85% (2019 est.)

Credit ratings

Fitch rating: AA- (2018)

Moody's rating: Aa3 (2019)

Standard & Poors rating: AA- (2011)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2.3% (2017 est.)

industry: 36.9% (2017 est.)

services: 60.8% (2017 est.)

GDP - composition, by end use

household consumption: 47.4% (2017 est.)

government consumption: 19.2% (2017 est.)

investment in fixed capital: 24.7% (2017 est.)

investment in inventories: 1.1% (2017 est.)

exports of goods and services: 79.9% (2017 est.)

imports of goods and services: -72.3% (2017 est.)

Agricultural products

wheat, sugar beet, milk, barley, rapeseed, potatoes, maize, pork, triticale, poultry

Industries

motor vehicles, metallurgy, machinery and equipment, glass, armaments

Industrial production growth rate

3.3% (2021 est.)

Labor force

5.266 million (2021 est.)

Labor force - by occupation

agriculture: 2.8%

industry: 38%

services: 59.2% (2015)

Unemployment rate

2.89% (2021 est.)

2.55% (2020 est.)

2.01% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 7.6%

male: 6.9%

female: 8.7% (2021 est.)

Population below poverty line

10.1% (2018 est.)

Gini Index coefficient - distribution of family income

25.3 (2019 est.)

Average household expenditures

on food: 16.3% of household expenditures (2018 est.)

on alcohol and tobacco: 8% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 4.1%

highest 10%: 21.7% (2015 est.)

Budget

revenues: $103.838 billion (2019 est.)

expenditures: $103.167 billion (2019 est.)

Budget surplus (+) or deficit (-)

1.6% (of GDP) (2017 est.)

Public debt

34.7% of GDP (2017 est.)

36.8% of GDP (2016 est.)

Taxes and other revenues

14.34% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$2.282 billion (2021 est.)

$4.967 billion (2020 est.)

$898.074 million (2019 est.)

Exports

$204.785 billion (2021 est.)

$172.837 billion (2020 est.)

$186.545 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Germany 31%, Slovakia 7%, Poland 6%, France 5% (2019)

Exports - commodities

cars and vehicle parts, computers, broadcasting equipment, office machinery and parts, insulated wiring (2021)

Imports

$196.243 billion (2021 est.) note: data are in current year dollars

$156.129 billion (2020 est.) note: data are in current year dollars

$171.429 billion (2019 est.) note: data are in current year dollars

Imports - partners

Germany 27%, China 12%, Poland 9%, Slovakia 5% (2019)

Imports - commodities

broadcasting equipment, cars and vehicle parts, office machinery/parts, computers, packaged medicines (2019)

Reserves of foreign exchange and gold

$173.618 billion (31 December 2021 est.)

$166.126 billion (31 December 2020 est.)

$149.856 billion (31 December 2019 est.)

Debt - external

$191.871 billion (2019 est.)

$200.197 billion (2018 est.)

Exchange rates

koruny (CZK) per US dollar -

21.678 (2021 est.)

23.21 (2020 est.)

22.932 (2019 est.)

21.73 (2018 est.)

23.376 (2017 est.)

NOTE: The information regarding Czechia on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Czechia 2023 information contained here. All suggestions for corrections of any errors about Czechia 2023 should be addressed to the CIA or the source cited on each page.