Czech Republic

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Introduction - Czech Republic:
Location - Czech Republic:
People - Czech Republic:
Government - Czech Republic:
Economy - Czech Republic:

Economy overview

The Czech Republic is one of the most stable and prosperous of the post-Communist states of Central and Eastern Europe. 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. The current account deficit has declined to around 3% of GDP as demand for Czech products in the European Union has increased. 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. However, due to significant increases in social spending in the run-up to June 2006 elections, the government is not likely to meet this goal. Negotiations on pension and healthcare reforms are continuing without clear prospects for agreement and implementation. Privatization of the state-owned telecommunications firm Cesky 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.

Gdp purchasing power parity

$224 billion (2006 est.)

Gdp official exchange rate

$118.8 billion (2006 est.)

Gdp real growth rate

6.1% (2006 est.)

Gdp per capita ppp

$21,900 (2006 est.)

Gdp composition by sector

agriculture: 2.8%
industry: 37.8%
services: 59.4% (2006 est.)

Labor force

5.31 million (2006 est.)

Labor force by occupation

agriculture: 4.1%
industry: 37.6%
services: 58.3% (2003)

Unemployment rate

8.4% (2006 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: 4.3%
highest 10%: 22.4% (1996)

Distribution of family income gini index

27.3 (2003)

Inflation rate consumer prices

2.7% (2006 est.)

Investment gross fixed

26.2% of GDP (2006 est.)

Budget

revenues: $57.88 billion
expenditures: $62.53 billion; including capital expenditures of $NA (2006 est.)

Public debt

29.1% of GDP (2006 est.)

Agriculture products

wheat, potatoes, sugar beets, hops, fruit; pigs, poultry

Industries

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

Industrial production growth rate

9.5% (2006 est.)

Electricity production

79.14 billion kWh (2004)

Electricity consumption

58.8 billion kWh (2004)

Electricity exports

24.6 billion kWh (2004)

Electricity imports

9.8 billion kWh (2004)

Oil production

15,240 bbl/day (2005)

Oil consumption

203,100 bbl/day (2004 est.)

Oil exports

20,930 bbl/day (2004)

Oil imports

203,700 bbl/day (2004)

Oil proved reserves

15 million bbl (1 January 2005)

Natural gas production

216 million cu m (2004 est.)

Natural gas consumption

9.6 billion cu m (2004 est.)

Natural gas exports

88 million cu m (2004 est.)

Natural gas imports

8.815 billion cu m (2004 est.)

Natural gas proved reserves

3.964 billion cu m (1 January 2005 est.)

Current account balance

-$4.352 billion (2006 est.)

Exports

$89.34 billion f.o.b. (2006 est.)

Exports commodities

machinery and transport equipment 52%, chemicals 5%, raw materials and fuel 9% (2003)

Exports partners

Germany 31.9%, Slovakia 8.5%, Poland 5.7%, France 5.6%, Austria 5.1%, UK 4.8%, Italy 4.6% (2006)

Imports

$87.7 billion f.o.b. (2006 est.)

Imports commodities

machinery and transport equipment 46%, raw materials and fuels 15%, chemicals 10% (2003)

Imports partners

Germany 32%, Netherlands 6.5%, Slovakia 6.1%, Poland 6.1%, Russia 5.7%, Austria 4.9%, Italy 4.4%, France 4.4% (2006)

Reserves of foreign exchange and gold

$30.99 billion (2006 est.)

Debt external

$50.2 billion (30 June 2006 est.)

Economic aid recipient

$2.4 billion in available EU structural adjustment and cohesion funds (2004-06)

Currency code

Czech koruna (CZK)

Exchange rates

koruny per US dollar - 22.596 (2006), 23.957 (2005), 25.7 (2004), 28.209 (2003), 32.739 (2002)

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This page was last updated on 16 September, 2007
Source: CIA >>>


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