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Economy of the Czech Republic
BB Centrum, Prague, Czech Republic.jpg
Business district in Prague
CurrencyCzech koruna (CZK)
Calendar year
Trade organisations
EU, WTO (via EU membership) and OECD
Country group
Statistics
PopulationIncrease 10,741,381 (18 February 2022) [3]
GDP
  • Increase $296.238 billion (nominal, 2022 est.)[4]
  • Increase $509.953 billion (PPP, 2022 est.)[4]
GDP rank
GDP growth
  • 3.2% (2018) 2.3% (2019)
  • -6.5% (2020e) 5.1% (2021e)[4]
GDP per capita
  • Increase $27,609 (nominal, 2022 est.)[4]
  • Increase $47,527 (PPP, 2022 est.)[4]
GDP per capita rank
GDP by sector
  • 2.4% (2021 est.)[4]
  • 3.3% (2020 est.)[4]
  • 2.9% (2019)[4]
2.25% (since 6 February 2020)[6]
Population below poverty line
  • 9.5% (2020 est.)[7]
  • Negative increase 20% at risk of poverty or social exclusion (2020)[8]
Steady 24.0 low (2019, Eurostat)[9]
Labour force
  • Decrease 5,378,192 (2020)[12]
  • Increase 79.9% employment rate (Target: 75%; 2018)[13]
Labour force by occupation
Unemployment
  • Negative increase 2.6% (September 2021)[15]
  • Negative increase 8.9% youth unemployment (15 to 24 year-olds; July 2020)[16]
Average gross salary
CZK 37,929 / €1,464 monthly (Q1, 2022)[17]
CZK 30,626 / €1,182 monthly (Q1, 2022)[18]
Main industries
  • Engineering
  • electronics
  • motor vehicles
  • metallurgy
  • machinery
  • chemicals
  • pharmaceuticals
Decrease 41st (very easy, 2020)
External
Exports$161.2 billion (2016)[19]
Export goods
  • Machinery
  • precision engineering equipment
  • transport equipment
  • electronics
  • pharmaceuticals
  • medical equipment
Main export partners
Imports$140.3 billion (2016)[19]
Import goods
  • Machinery components
  • raw materials and fuels
  • chemicals
Main import partners
FDI stock
  • Increase $185.6 billion (31 December 2017 est.)[24] 35th
  • Increase Abroad: $54.39 billion (31 December 2017 est.)[24]
Negative increase -$678 million (2019 est.) 130th[24]
Positive decrease $191.9 billion (2019 est.)[24] 44th
−17 % of GDP (2020)[25]
Public finances
  • Positive decrease 30.8% of GDP (2019)[26]
  • Increase CZK 1.739 trillion (2019)[26]
  • CZK 15.4 billion surplus (2019)[26]
  • +0.3% of GDP (2019)[26]
Revenues42.1% of GDP (2019)[26]
Expenses41.9% of GDP (2019)[26]
Foreign reserves
$151.69  billion (January 2018 est.; 17th)[29]

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.[30] 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 12th 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".[31]

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,[32] 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.[32] Its main agricultural products are cereals, vegetable oils and hops.

As of 2022, the Czech GDP per capita at purchasing power parity is $46,811 and $28,077 at nominal value.[4] As of September 2021, the unemployment rate in the Czech Republic was the lowest in the EU at 2.6%,[33] and the poverty rate is the second lowest of OECD members, following Denmark.[34] The Czech Republic ranks 21st in the Index of Economic Freedom (ranked behind Chile),[35] 24th in the Global Innovation Index (ranked behind Australia),[36] 32nd in the Global Competitiveness Report,[37] 41st in the ease of doing business index and 25th in the Global Enabling Trade Report (ranked behind Canada).[38] 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.[39]

History

Pre–1989

Further information: Economy of Czechoslovakia

The Czech lands were among the first industrialized countries in continental Europe during the German Confederation era. The Czech industrial tradition dates back to the 19th century, when the Lands of the Bohemian Crown were the economic and industrial heartland of the Austrian Empire and later the Austrian side of Austria-Hungary. The Czech lands produced a majority (about 70%) of all industrial goods in the Empire, some of which were almost monopolistic. The Czechoslovak crown was introduced in April 1919. Introduced at a 1:1 ratio to the Austro-Hungarian currency, it became one of the most stable currencies in Europe. The First Republic became one of the 10 most developed countries of the world (behind the U.S., Canada, Australia, Switzerland, Argentina, Britain, France, Sweden and Belgium).[40]

The consequences of the 1938 Munich Agreement and subsequent occupation were disastrous for the economy. After the occupation and forced subordination of the economy to German economic interests, the crown was officially pegged to the mark at a ratio of 1:10, even though the unofficial exchange rate was 1 to 6-7 and Germans immediately started buying Czech goods in large quantities.[41]

In accordance with Stalin's development policy of planned interdependence, all the economies of the socialist countries were tightly linked to that of the Soviet Union. Czechoslovakia was the most prosperous country in the Eastern Bloc, however it continued to lag further behind the rest of the developed world. With the disintegration of the communist economic alliance in 1991, Czech manufacturers lost their traditional markets among former communist countries in the east.

Today, this heritage is both an asset and a liability. The Czech Republic has a well-educated population and a densely developed infrastructure.[42]

Czech National Bank headquarters in Prague
Czech National Bank headquarters in Prague
Heavy industry such as steelmaking is a traditional part of the Czech economy.
Heavy industry such as steelmaking is a traditional part of the Czech economy.
Transportation equipment, machinery manufacturing and engineering are essential for the Czech economy.
Transportation equipment, machinery manufacturing and engineering are essential for the Czech economy.

1989–1995

The "Velvet Revolution" in 1989, offered a chance for profound and sustained political and economic reform. Signs of economic resurgence began to appear in the wake of the shock therapy that the International Monetary Fund (IMF) labelled the "big bang" of January 1991. Since then, consistent liberalization and astute economic management has led to the removal of 95% of all price controls, low unemployment, a positive balance of payments position, a stable exchange rate, a shift of exports from former communist economic bloc markets to Western Europe, and relatively low foreign debt. Inflation has been higher than in some other countries – mostly in the 10% range[citation needed] – and the government has run consistent modest budget deficits.[citation needed]

Two government priorities have been strict fiscal policies and creating a good climate for incoming investment in the republic. Following a series of currency devaluations, the crown has remained stable in relation to the US dollar.[citation needed] The Czech crown became fully convertible for most business purposes in late 1995.

In order to stimulate the economy and attract foreign partners, the government has revamped the legal and administrative structure governing investment. With the breakup of the Soviet Union, the country, till that point highly dependent on exports to the USSR, had to make a radical shift in economic outlook: away from the East, and towards the West. This necessitated the restructuring of existing banking and telecommunications facilities, as well as adjusting commercial laws and practices to fit Western standards. Further minimizing reliance on a single major partner, successive Czech governments have welcomed U.S. investment (amongst others) as a counterbalance to the strong economic influence of Western European partners, especially of their powerful neighbour, Germany. Although foreign direct investment (FDI) runs in uneven cycles, with a 12.9% share of total FDI between 1990 and March 1998, the U.S. was the third-largest foreign investor in the Czech economy, behind Germany and the Netherlands.

Progress toward creating a stable investment climate was recognized when the Czech Republic became the first post-communist country to receive an investment-grade credit rating by international credit institutions.[citation needed]

The country boasts a flourishing consumer production sector and has privatized most state-owned heavy industries through the voucher privatization system. Under the system, every citizen was given the opportunity to buy, for a moderate price, a book of vouchers that represents potential shares in any state-owned company. The voucher holders could then invest their vouchers, increasing the capital base of the chosen company, and creating a nation of citizen share-holders. This is in contrast to Russian privatization, which consisted of sales of communal assets to private companies rather than share-transfer to citizens. The effect of this policy has been dramatic. Under communism, state ownership of businesses was estimated to be 97%.[citation needed] Privatization through restitution of real estate to the former owners was largely completed in 1992. By 1998, more than 80% of enterprises were in private hands. Now completed,[citation needed] the program has made Czechs, who own shares of each of the Czech companies, one of the highest per-capita share owners in the world.[citation needed]

1995–2000

Škoda Auto is the largest automobile manufacturer in the Czech Republic.
Škoda Auto is the largest automobile manufacturer in the Czech Republic.

The country's economic transformation was far from complete. Political and financial crises in 1997, shattered the Czech Republic's image as one of the most stable and prosperous of post-Communist states. Delays in enterprise restructuring and failure to develop a well-functioning capital market played major roles in Czech economic troubles, which culminated in a currency crisis in May. The formerly pegged currency was forced into a floating system as investors sold their Korunas faster than the government could buy them. This followed a worldwide trend to divest from developing countries that year. Investors also worried the republic's economic transformation was far from complete. Another complicating factor was the current account deficit, which reached nearly 8% of GDP.

In response to the crisis, two austerity packages were introduced later in the spring (called vernacularly "The Packages"), which cut government spending by 2.5% of GDP. Growth dropped to 0.3% in 1997, −2.3% in 1998, and −0.5% in 1999. The government established a restructuring agency in 1999 and launched a revitalization program – to spur the sale of firms to foreign companies. Key priorities included accelerating legislative convergence with EU norms, restructuring enterprises, and privatising banks and utilities. The economy, fueled by increased export growth and investment, was expected to recover by 2000.

2000–2005

Growth in 2000–05 was supported by exports to the EU, primarily to Germany, and a strong recovery of foreign and domestic investment. Domestic demand is playing an ever more important role in underpinning growth as interest rates drop and the availability of credit cards and mortgages increases. Current account deficits of around 5% of GDP are beginning to decline as demand for Czech products in the European Union increases. Inflation is under control. Recent accession to the EU gives further impetus and direction to structural reform. In early 2004 the government passed increases in the Value Added Tax (VAT) and tightened eligibility for social benefits with the intention to bring the public finance gap down to 4% of GDP by 2006, but more difficult pension and healthcare reforms will have to wait until after the next elections. Privatization of the state-owned telecommunications firm Český Telecom took place in 2005. Intensified restructuring among large enterprises, improvements in the financial sector, and effective use of available EU funds should strengthen output growth.

2005–2010

Growth continued in the first years of the EU membership. The credit portion of the Financial crisis of 2007–2010 did not affect the Czech Republic much, mostly due to its stable banking sector which has learned its lessons during a smaller crisis in the late 1990s and became much more cautious. As a fraction of the GDP, the Czech public debt is among the smallest ones in Central and Eastern Europe. Moreover, unlike many other post-communist countries, an overwhelming majority of the household debt – over 99% – is denominated in the local Czech currency. That's why the country wasn't affected by the shrunken money supply in the U.S. dollars.

However, as a large exporter, the economy was sensitive to the decrease of the demand in Germany and other trading partners. In the middle of 2009, the annual drop of the GDP for 2009 was estimated around 3% or 4.3%,[43] a relatively modest decrease. The impact of the economic crisis may have been limited by the existence of the national currency that temporarily weakened in H1 of 2009, simplifying the life of the exporters.

2010–2015

Smartwings is the major Czech airline holding company with subsidies including the Czech Airlines.
Smartwings is the major Czech airline holding company with subsidies including the Czech Airlines.

From the financial crisis of 2007–2010, Czech Republic is in stagnation or decreasing of GDP. Some commenters and economists criticising fiscally conservative policy of Petr Nečas' right-wing government, especially criticising ex-minister of finance, Miroslav Kalousek. Miroslav Kalousek in a 2008 interview, as minister of finance in the center-right government of Mirek Topolánek, said "Czech Republic will not suffer by financial crisis".[44] In September 2008, Miroslav Kalousek formed state budget with projection of 5% GDP increase in 2009. In 2009 and 2010, Czech Republic suffered strong economical crisis and GDP decreased by 4,5%. From 2009 to 2012, Czech Republic suffered highest state budget deficits in history of independent Czech Republic. From 2008 to 2012, the public debt of Czech Republic increased by 18,9%. Most decrease of industrial output was in construction industry (-25% in 2009, -15,5% in 2013). From 4Q 2009 to 1Q 2013, GDP decreased by 7,8%.

In 2012, Czech government increased VAT. Basic VAT was increased from 20% in 2012 to 21% in 2013 and reduced VAT increased from 14% to 15% in 2013. Small enterprises sales decreased by 21% from 2012 to 2013 as result of increasing VAT.[45] Patria.cz predicting sales stagnation and mild increase in 2013. Another problem is foreign trade. The Czech Republic is considered an export economy (the Czech Republic has strong machinery and automobile industries), however in 2013, foreign trade rapidly decreased which led to many other problems and increase of state budget deficit. In 2013, Czech National Bank, central bank, implemented controversial monetary step. To increase export and employment, CNB wilfully deflated Czech Crown (CZK), which inflation increased from 0.2% in November 2013, to 1.3% in 1Q 2014.

In 2014, GDP in the Czech Republic increased by 2% and is predicted to increase by 2.7% in 2015. In 2015, Czech Republic's economy grew by 4,2% and it's the fastest growing economy in the European Union.[46] On 29 May 2015, it was announced that growth of the Czech economy has increased from calculated 3,9% to 4,2%.[47]

2015–present

Cybersecurity software company Avast had its IPO on the Prague Stock Exchange and the London Stock Exchange in 2018. The information and communications technology (ICT) and software development is a major sector of the Czech economy.[48]
Cybersecurity software company Avast had its IPO on the Prague Stock Exchange and the London Stock Exchange in 2018. The information and communications technology (ICT) and software development is a major sector of the Czech economy.[48]

In August 2015, Czech GDP growth was 4.4%, making the Czech economy the highest growing in Europe.[49] On 9 November 2015, unemployment in the Czech Republic was at 5.9%, the lowest number since February 2009.[50] Dividends worth CZK 289 billion were paid to the foreign owners of Czech companies in 2016.[51]

European Union

See also: Czech Republic and the euro

Since its accession to the European Union in 2004, the Czech Republic has adopted the Economic and Monetary Union of the European Union and it is bound by the Treaty of Accession 2003 to adopt the Euro currency in the future.

The Czech Republic also receives €24.2bn between 2014 and 2020 from the European Structural and Investment Funds,[52][53] however, this sum does not outweigh the amount of capital outflow of profits of foreign owned firms from the Czech Republic into other EU members, at which the funds are aimed to compensate for.[54]

Public policy

Ministry of Industry and Trade
This section needs expansion. You can help by adding to it. (August 2017)

See also: Healthcare in the Czech Republic, Welfare in the Czech Republic, and European social model

As of 2016, the Czech Republic has the second lowest poverty rate of OECD members only behind Denmark.[34] The Czech healthcare system ranks 13th in the 2016 Euro health consumer index.[55]

Energy

See also: Energy in the Czech Republic

The Czech Republic is a long-term net-exporter of electricity.[56] 97% -98% of oil used in the Czech Republic is imported.[57]

The government's 2015 energy policy designates nuclear power as main source of energy and its share is projected to rise to between 46% and 58% by 2040. Coal-powered energy is planned to fall to 21%, while renewables would rise to 25% and gas range from 5 to 15%.[58]

The updated energy strategy of 2019 envisions a gradual phase out of coal power share in total electricity generation from 2015's 46.2% down to 15.5% by 2040. The strategy sees nuclear energy as a non-carbon source of energy to be used during a slow transition to renewables in order to minimize the use of carbon-emitting fossil fuels that cause climate change. The increase in the share of nuclear, renewables and natural gas is to fill in the energy demand created by the impending gradual shutdowns of coal power stations.[59] This 2015-approved energy strategy expects construction of an additional nuclear reactor in the Temelín Nuclear Power Station and another one in the Dukovany Nuclear Power Station with the possibility of further expansion to two reactors in each power station. The older station of the two, Dukovany, is to be expanded before Temelín.[60] As of 2019, the financing models and contractor selection for the planned reactors are being negotiated by the government.[61]

Temelín Nuclear Power Station and its cooling towers
2019 national energy strategy[59]
Energy source 2015 2040
Coal 46.2% 15.5%
Nuclear 31.5% 43.2%
Natural gas 4.8% 8.2%
Renewables 10.1% 20.2%

Statistical indicators

Real GPD per capita development the Czech Republic 1970 to 2018
Real GPD per capita development the Czech Republic 1970 to 2018
A proportional representation of Czech Republic exports, 2019
A proportional representation of Czech Republic exports, 2019
Percentage of GDP growth in the Czech Republic 1997–2019
Percentage of GDP growth in the Czech Republic 1997–2019
Credit ratings by Standard & Poor's
Average gross wage in the Czech Republic (1990–2015)
Average gross wage in the Czech Republic (1990–2015)
EU by GNI per capita, PPP (current international $). World Bank 2016
EU by GNI per capita, PPP (current international $). World Bank 2016

Development of main indicators

The following table shows the main economic indicators in 1980–2017. Inflation under 2% is in green.[62]

Year GDP
(in Bil. US$ PPP)
GDP per capita
(in US$ PPP)
GDP growth
(real)
Inflation rate
(in Percent)
Unemployment
(in Percent)
Government debt
(in % of GDP)
2015 Increase340.6 Increase32,318 Increase5.3 % Increase0.3 % Positive decrease5.0 % Positive decrease40.0 %
2016 Increase353.9 Increase33,529 Increase2.6 % Increase0.7 % Positive decrease3.9 % Positive decrease36.8 %
2017 Increase375.7 Increase35,512 Increase4.3 % Negative increase2.4 % Positive decrease2.9 % Positive decrease34.7 %
2018 est. Increase397.7 Increase37,547 Increase3.5 % Negative increase2.3 % Negative increase3.0 % Positive decrease32.9 %
2019 est. Increase418.7 Increase39,478 Increase3.0 % Increase2.0 % Negative increase3.2 % Positive decrease31.3 %
2020 est. Increase437.7 Increase41,220 Increase2.5 % Increase2.0 % Negative increase3.4 % Positive decrease29.4 %

Background

From the CIA World Factbook 2017 GDP (pp.): $353.9 billion (2016) GDP (nom.): $195.3 billion (2016) GDP Growth: 2.6% (2016) GDP per capita (pp.): $33,500 (2016) GDP per capita (nom.): $18,487 (2016) GDP by sector: Agriculture: 2.5% Industry: 37.5% Services: 60% (2016) Inflation: 0.7% (2016) Labour Force: 5.427 million (2017) Unemployment: 2,3% (September 2018)[63]

Industrial production growth rate: 3.5% (2016)

Household income or consumption by percentage share: (2015)

Public Debt: 34.2% GDP (2018)

Trade and finance

See also: Foreign relations of the Czech Republic

Exports: $136.1 billion Export goods: machinery and transport equipment, raw materials, fuel, chemicals (2018)

Imports: $122.8 billion Import goods: machinery and transport equipment, raw materials and fuels, chemicals (2018) Current Account balance: $2.216 billion (2018) Export partners: Germany 32.4%, Slovakia 8.4%, Poland 5.8%, UK 5.2%, France 5.2%, Italy 4.3%, Austria 4.2% (2016) Import partners: Germany 30.6%, Poland 9.6%, China 7.5%, Slovakia 6.3%, Netherlands 5.3%, Italy 4.1% (2016) Reserves: $85.73 billion (31 December 2016) Foreign Direct Investment: $139.6 billion (31 December 2016) Czech Investment Abroad: $43.09 billion (31 December 2016) External debt: $138 billion (31 December 2016) Value of Publicly Traded Shares: $44.5 billion (31 December 2016)

Exchange rates:

IT and Telecommunications

Households with access to fixed and mobile telephone access[65]

Individuals with mobile telephone access

Broadband penetration rate[65]

Individuals using computer and internet[65]

International rankings

See also: International rankings of the Czech Republic

Society and quality of life

Index of Economic Freedom 2018

Macroeconomics

See also

Resources

References

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