Global InformationEconomy of the Czech Republic information
 | Parts of this article (those related to Infobox economy) need to be updated. (January 2024) |
 Business district in Prague | |
| Currency | Czech koruna (CZK) |
|---|---|
Fiscal year | Calendar year |
Trade organisations | EU, WTO (via EU membership) and OECD |
Country group |
|
| Statistics | |
| Population |  10,900,555 (31 December 2023)[4] |
| GDP |
|
| GDP rank |
|
GDP growth |
|
GDP per capita |
|
GDP per capita rank |
|
GDP by sector |
|
Inflation (CPI) | 2% (2024)[5] |
Base borrowing rate | 2.25% (since 6 February 2020)[6] |
Population below poverty line |
|
Gini coefficient |  24.0 low (2019)[9] |
Human Development Index |
|
Labour force |
|
Labour force by occupation |
|
| Unemployment |
|
Average gross salary | CZK 53,325 / €2,151 monthly (December,2023)[17] |
Average net salary | CZK 42,442 / €1,721 monthly (December,2023)[18] |
Main industries |
|
| External | |
| Exports | $161.2 billion (2016)[19] |
Export goods |
|
Main export partners |
|
| Imports | $140.3 billion (2016)[19] |
Import goods |
|
Main import partners |
|
FDI stock |
|
Current account |  -$678 million (2019 est.) 130th[24] |
Gross external debt |  $191.9 billion (2019 est.)[24] 44th |
Net international investment position | −17 % of GDP (2020)[25] |
| Public finances | |
Government debt |
|
Budget balance |
|
| Revenues | 42.1% of GDP (2019)[26] |
| Expenses | 41.9% of GDP (2019)[26] |
| Economic aid |
|
Credit rating |
|
Foreign reserves | $151.69 billion (January 2018 est.; 17th)[31] |
All values, unless otherwise stated, are in US dollars. | |
The economy of the Czech Republic is a developed export-oriented social market economy based in services, manufacturing, and innovation that maintains a high-income welfare state and the European social model.[32] The Czech Republic participates in the European Single Market as a member of the European Union, and is therefore a part of the economy of the European Union. It uses its own currency, the Czech koruna, instead of the euro. It is a member of the Organisation for Economic Co-operation and Development (OECD). The Czech Republic ranks 16th in inequality-adjusted human development and 24th in World Bank Human Capital Index, ahead of countries such as the United States, the United Kingdom or France. It was described by The Guardian as "one of Europe's most flourishing economies".[33]
The industry sector accounts for 37% of the economy, while services account for 61% and agriculture for 2%. The principal industries are high tech engineering, electronics and machine-building,[34] steel production, transportation equipment (automotive, rail and aerospace industry), chemicals, advanced materials and pharmaceuticals. The major services are research and development, ICT and software development, nanotechnology and life sciences.[34] Its main agricultural products are cereals, vegetable oils and hops.
As of 2023,[update] the Czech GDP per capita at purchasing power parity is $50,961 and 698,706 Czech crowns ($31,368) at nominal value.[5] As of September 2021,[update] the unemployment rate in the Czech Republic was the lowest in the EU at 2.6%,[35] and the poverty rate is the second lowest of OECD members, following Denmark.[36] The Czech Republic ranks 21st in the Index of Economic Freedom (ranked behind Chile),[37] 30th in the Global Innovation Index (ranked behind UAE),[38] 32nd in the Global Competitiveness Report,[39] 41st in the ease of doing business index and 25th in the Global Enabling Trade Report (ranked behind Canada).[40] The largest trading partner for both export and import is Germany, followed by other members of the EU. The Czech Republic has a highly diverse economy that ranks 7th in the 2019 Economic Complexity Index.[41]
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
- ^ a b "Czechia". The World Factbook (2024 ed.). Central Intelligence Agency. Retrieved 14 February 2017. (Archived 2017 edition.)
- ^ "Population".
- ^ a b c d e f g "World Economic Outlook database: October 2023". imf.org. International Monetary Fund.
- ^ Česká národní banka překvapila, zvýšila úrokové sazby. Koruna obratem zpevnila pod 25 za euro. ČT24. 06.02.2020.
- ^ "Vic než Milion Čechů žije pod hranicí chudoby. Potvrzují to data Českého statistického úřadu". info.cz. 18 March 2021. Retrieved 26 September 2021.
- ^ "People at risk of poverty or social exclusion". ec.europa.eu. EAPN CR & EU, 2020. Archived (PDF) from the original on 10 October 2022. Retrieved 3 July 2020.
- ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu. Eurostat. Retrieved 3 July 2020.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 October 2022.
- ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 11 October 2022.
- ^ "Labor force, total – Czech Republic". data.worldbank.org. World Bank. Retrieved 18 November 2021.
- ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 18 June 2019.
- ^ LABOR FORCE – BY OCCUPATION. The World Factbook.
- ^ "Unemployment by sex and age - monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 18 November 2021.
- ^ "Unemployment rate by age group". data.oecd.org. OECD. Retrieved 7 September 2020.
- ^ Average wages – 1st quarter of 2022. Czech Statistical Office.
- ^ "Výpočet čisté mzdy v roce 2021 vypocet.cz".
- ^ a b "Czech Republic exports, imports and trade balance By Country 2016".
- ^ Vyvážené zboží míří z 84 procent do EU. Do Ruska jde minimum. (Czech) ČT24. 13. 9. 2016.
- ^ "Export Partners of Czech Republic". CIA World Factbook. 2012. Archived from the original on 13 June 2007. Retrieved 24 July 2013.
- ^ Podíl dovozu ze zemí EU 28 na celkovém dovozu (%). Czech Statistical Office. 20.02.2017.
- ^ "Import Partners of Czech Republic". CIA World Factbook. 2012. Archived from the original on 13 June 2007. Retrieved 24 July 2013.
- ^ a b c d "Czechia". The World Factbook (2024 ed.). Central Intelligence Agency. Retrieved 24 April 2019. (Archived 2019 edition.)
- ^ "International investment position statistics – Statistics Explained". ec.europa.eu.
- ^ a b c d e f "GDP, government deficit/surplus and debt in the EU (in national currencies)" (PDF). ec.europa.eu. Eurostat. Archived (PDF) from the original on 10 October 2022. Retrieved 28 April 2020.
- ^ "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ "Sovereigns rating list". Standard & Poor's. Retrieved 15 January 2012.
- ^ "Scope downgrades Czech Republic's credit ratings to AA-; Outlook revised to Stable". Scope Ratings. Retrieved 26 May 2023.
- ^ "ČNB".
- ^ Christian Aspalter, Kim Jinsoo, Park Sojeung. Analysing the Welfare State in Poland, the Czech Republic, Hungary and Slovenia: An Ideal-Typical Perspective. Published on 10 March 2009. DOI: 10.1111/j.1467-9515.2009.00654.x
- ^ Robert Tait. Czech democracy 'under threat' from rising debt crisis. The Guardian. 6 January 2019.
- ^ a b Market Information: Sectors and Products. Archived 23 September 2017 at the Wayback Machine. Businessinfo.cz
- ^ Cite error: The named reference
eurostat unemploymentwas invoked but never defined (see the help page). - ^ Cite error: The named reference
FT 19 October 2016was invoked but never defined (see the help page). - ^ "2022 Index of Economic Freedom Country Rankings".
- ^ "Global Innovation Index | Tracking Innovation through the COVID-19 Crisis". Archived from the original on 23 September 2016.
- ^ Cite error: The named reference
GCR 2018/19was invoked but never defined (see the help page). - ^ "Enabling Trade rankings".
- ^ Economic Complexity Rankings (ECI) Archived 14 March 2018 at the Wayback Machine. The Atlas of Economic Complexity. Retrieved 3 October 2017.