header HomePlacesMapsMap Products & ServicesHotels & TravelDestination GuidesWeb DirectoryContact

Czech Republic:
Economy

Flag of Czech Republic
Click to enlarge

Czech Republic Page


Other pages in this profile of the Czech Republic:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
The Czech Republic is one of the most stable and prosperous of the post-Communist states of Central and Eastern Europe. Growth in 2000-07 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 the availability of credit cards and mortgages increases. The current account deficit has declined to around 3.3% of GDP as demand for automotive and other products from the Czech Republic remains strong in the European Union. Rising inflation from higher food and energy prices are a risk to balanced economic growth. Significant increases in social spending in the run-up to June 2006 elections prevented, the government from meeting its goal of reducing its budget deficit to 3% of GDP in 2007. Negotiations on pension and additional healthcare reforms are continuing without clear prospects for agreement and implementation. Intensified restructuring among large enterprises, improvements in the financial sector, and effective use of available EU funds should strengthen output growth. The pro-business Civic Democratic Party-led government approved reforms in 2007 designed to cut spending on some social welfare benefits and reform the tax system with the aim of eventually reducing the budget deficit to 2.3% of GDP by 2010. Parliamentary approval for any additional reforms could prove difficult, however, because of the parliament's even split. The government withdrew a 2010 target date for euro adoption and instead aims to meet the eurozone criteria around 2012.
GDP (purchasing power parity)
Definition - World rank and map
$248.9 billion (2007 est.)
GDP (official exchange rate)
Definition
$175.3 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
6.5% (2007 est.)
GDP - per capita
Definition - World rank and map
$24,200 (2007 est.)
GDP - composition by sector
Definition
agriculture: 2.8%
industry: 38.4%
services: 58.8% (2007 est.)
Labor force
Definition
5.36 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 4.1%
industry: 37.6%
services: 58.3% (2003)
Unemployment rate
Definition - World rank and map
6.6% (2007 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: 4.3%
highest 10%: 22.4% (1996)
Distribution of family income - Gini index
Definition - World rank and map
26 (2005)
Inflation rate (consumer prices)
Definition - World rank and map
2.8% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
24.1% of GDP (2007 est.)
Budget
Definition
revenues: $72.2 billion
expenditures: $76.29 billion (2007 est.)
Public debt
Definition - World rank and map
26.6% of GDP (2007 est.)
Agriculture - products
Definition
wheat, potatoes, sugar beets, hops, fruit; pigs, poultry
Industries
Definition
metallurgy, machinery and equipment, motor vehicles, glass, armaments
Industrial production growth rate
Definition - World rank and map
7.2% (2007 est.)
Electricity - production
Definition - World rank and map
77.38 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
59.72 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
5,843 kWh (2005)
Electricity - exports
Definition
24.99 billion kWh (2005)
Electricity - imports
Definition
12.35 billion kWh (2005)
Oil - production
Definition - World rank and map
18,030 bbl/day (2005)
Oil - consumption
Definition - World rank and map
213,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
20.8 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
20,930 bbl/day (2004)
Oil - imports
Definition - World rank and map
203,700 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
15 million bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
165 million cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
9.076 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
888 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
81.52 million cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
8.976 billion cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
3.802 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$4.384 billion (2007 est.)
Exports
Definition - World rank and map
$122.3 billion f.o.b. (2007 est.)
Exports - commodities
Definition
machinery and transport equipment 52%, raw materials and fuel 9%, chemicals 5% (2003)
Exports - partners
Definition
Germany 30.9%, Slovakia 8.8%, Poland 6%, France 5.3%, UK 5%, Italy 4.9%, Austria 4.6% (2006)
Imports
Definition - World rank and map
$116.6 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and transport equipment 46%, raw materials and fuels 15%, chemicals 10% (2003)
Imports - partners
Definition
Germany 32%, Netherlands 6.8%, Slovakia 6.4%, Poland 6.3%, China 5.1%, Austria 5%, Russia 4.4%, Italy 4.4%, France 4.1% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$34.59 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$76.76 billion (31 December 2007)
Stock of direct foreign investment - at home
Definition
$86.75 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$6.413 billion (2007 est.)
Market value of publicly traded shares
Definition
$48.6 billion (2006)
Economic aid - recipient
Definition
$278.7 million in available EU structural adjustment and cohesion funds (2004)
Currency (code)
Definition
Czech koruna (CZK)
Exchange rates
Definition
koruny per US dollar - 20.53 (2007), 22.596 (2006), 23.957 (2005), 25.7 (2004), 28.209 (2003)
Fiscal year
Definition
calendar year


Google
 
Web sitesatlas.com