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Czech Republic Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Czech Republic Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 31, 2014

Economy - overview:
The Czech Republic is a stable and prosperous market economy closely integrated with the EU, especially since the country's EU accession in 2004. While the conservative, inward-looking Czech financial system has remained relatively healthy, the small, open, export-driven Czech economy remains 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 4.7% in 2009, with most of the decline occurring during the first quarter. Real GDP, however, slowly recovered with positive quarter-on-quarter growth starting in the second half of 2009 and continuing throughout 2011. In 2012, however, the economy fell into a recession due to a slump in external demand. The auto industry remains the largest single industry, and, together with its upstream suppliers, accounts for nearly 24% 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):
$283.6 billion (2012 est.)
country comparison to the world: 45

$287.2 billion (2011 est.)
$282.1 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$193 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-1.2% (2012 est.)
country comparison to the world: 197

1.8% (2011 est.)
2.5% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$27,000 (2012 est.)
country comparison to the world: 55

$27,400 (2011 est.)
$26,800 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
21.1% of GDP (2012 est.)
country comparison to the world: 69

21.6% of GDP (2011 est.)
20.8% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 49.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 20.8%
investment in fixed capital: 23.6%
investment in inventories: 0.8%
exports of goods and services: 78%
imports of goods and services: -72.7%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 2.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 38%
services: 59.7% (2012 est.)

Agriculture - products:
wheat, potatoes, sugar beets, hops, fruit; pigs, poultry

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

Industrial production growth rate:
0.2% (2012 est.)
country comparison to the world: 133
[see also: Industrial production growth rate country ranks ]

Labor force:
5.404 million (2012 est.)
country comparison to the world: 70
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 3.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 38.6%
services: 58.3% (2009)

Unemployment rate:
6.8% (2012 est.)
country comparison to the world: 71

6.7% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
9% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA% (2009)

Distribution of family income - Gini index:
31 (2009)
country comparison to the world: 109

25.4 (1996)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $80.93 billion
[see also: Budget revenues country ranks ]
expenditures: $89.59 billion (2012 est.)

Taxes and other revenues:
41.9% of GDP (2012 est.)
country comparison to the world: 34
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.5% of GDP (2012 est.)
country comparison to the world: 159
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
45.7% of GDP (2012 est.)
country comparison to the world: 74

41% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.3% (2012 est.)
country comparison to the world: 102

1.9% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.75% (31 December 2011 est.)
country comparison to the world: 134

0.75% (31 December 2010)
note: this is the two-week repo, the main rate CNB uses
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.41% (31 December 2012 est.)
country comparison to the world: 147

5.72% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$122.6 billion (31 December 2012 est.)
country comparison to the world: 29

$107.8 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$151.7 billion (31 December 2012 est.)
country comparison to the world: 47

$141.4 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$138.1 billion (31 December 2012 est.)
country comparison to the world: 47

$129.9 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$53.2 billion (31 December 2011)
country comparison to the world: 47

$73.1 billion (31 December 2010)
$70.26 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-4.727 billion (2012 est.)
country comparison to the world: 162

$-6.348 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$131.7 billion (2012 est.)
country comparison to the world: 34

$138.5 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery and transport equipment, raw materials and fuel, chemicals

Exports - partners:
Germany 31.8%, Slovakia 9.1%, Poland 6.1%, France 5.1%, UK 4.9%, Austria 4.7% (2012)

Imports:
$124.2 billion (2012 est.)
country comparison to the world: 32

$133.2 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, raw materials and fuels, chemicals

Imports - partners:
Germany 29.5%, Poland 7.7%, Slovakia 7.4%, China 6.3%, Netherlands 5.8%, Russia 5.3%, Austria 4.3% (2012)

Reserves of foreign exchange and gold:
$44.88 billion (31 December 2012 est.)
country comparison to the world: 43

$40.29 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$101 billion (31 December 2012 est.)
country comparison to the world: 47

$94.85 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$136.4 billion (31 December 2012 est.)
country comparison to the world: 33

$120.6 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$15.18 billion (31 December 2012 est.)
country comparison to the world: 49

$13.21 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
koruny (CZK) per US dollar -

19.578 (2012 est.)
17.696 (2011 est.)
19.098 (2010 est.)
19.063 (2009)
17.064 (2008)


NOTE: 1) The information regarding Czech Republic on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Czech Republic Economy 2014 information contained here. All suggestions for corrections of any errors about Czech Republic Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They 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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