Czechia Economy - 2024

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.)

Unemployment rate

2.89% (2021 est.)
2.55% (2020 est.)
2.01% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 7.6% (2021 est.)

male: 6.9%

female: 8.7%

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.)

Remittances

1.56% of GDP (2021 est.)
1.7% of GDP (2020 est.)
1.53% of GDP (2019 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 -

Exchange rates:
21.678 (2021 est.)
23.21 (2020 est.)
22.932 (2019 est.)
21.73 (2018 est.)
23.376 (2017 est.)