Economy of the Czech Republic
Encyclopedia
Of the emerging democracies in central
and eastern Europe
, the Czech Republic
has one of the most developed industrialized economies
. It is one of the most stable and prosperous of the post-Communist states of Central and Eastern Europe. GDP per capita at purchasing power parity was $26,100 in 2008, which is 82% of the EU average.
The principal industries are heavy and general machine-building, iron and steel
production, metalworking, chemical
production, electronics
, transportation equipment, textile
s, glass
, brewing, china, ceramic
s, and pharmaceuticals. Its main agricultural products are sugarbeets, fodder root
s, potato
es, wheat
, and hops
.
and Moravia
were the economic heartland of the Austro-Hungarian Empire. Today, this heritage is both an asset
and a liability
. The Czech Republic has a well-educated population and a well-developed infrastructure
, but its industrial plants and much of its industrial equipment are obsolete.
According to the Stalinist
development policy of planned interdependence, all the economies of the socialist countries were linked tightly with that of the Soviet Union
. With the disintegration of the communist economic alliance in 1991, Czech manufacturers lost their traditional markets among former communist countries to the east.
" 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 - and the government has run consistent modest budget deficits.
Two government priorities have been strict fiscal policies
and creating a good climate for incoming investment in the republic. Following a series of currency devaluation
s, the crown
has remained stable in relation to the U.S. dollar
. 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 counter-balance 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 to become the first post-communist country to receive an investment-grade credit rating by international credit institutions.
The republic 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% . 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 , 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.
.
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.
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.
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%, 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.
presently provides about 30% of total power needs, and its share is projected to increase to 40%. Natural gas
is procured from Russia
n Gazprom
(roughly three-fourths of domestic consumption) and from Norwegian
companies (most of the remaining one-fourth). Russian gas is imported via Ukraine (Friendship pipeline
), Norwegian gas is transported through Germany
. The gas consumption (approx. 100 TWh in 2003-5) is almost two times higher than the electricity consumption. South Moravia has a small amount of oil and gas deposits
.
GDP Growth: 2.0% (2010)
GDP per capita (pp.): €13,050 (2009)
GDP by sector:
Agriculture: 2.9%
Industry: 38.7%
Services: 58.7% (2008)
Inflation: 3.6% (2008)
Labour Force: 5,370,000 (2008)
Unemployment: 6,5% (Jun 2011)
Industrial production growth rate: 7% (2008)
Household income or consumption by percentage share: (1996)
Public Debt: 41,1% GDP (2010)
Export goods: machinery and transport goods 52%, raw materials 9%, chemicals 5%, other 34% (2003).
Imports: $116.6 billion
Import goods: machinery and transport goods 46%, raw materials and fuels 16%, chemicals 10%, other 28% (2003)
Current Account balance: -$4,533,000 (2007)
Export partners: Germany
30.8%, Slovakia
8.7%, Poland
5.9%, France
5.4%, UK 5.1%, Italy
4.9%, Austria
4.6% (2007).
Import partners: Germany
31.4%, Netherlands
6.7%, Slovakia
6.4%, Poland
6.3%, Austria
5.1%, China
5.1%, Russia
4.5%, Italy
4.4%, France
4.1% (2007).
Reserves: $34.59 billion (2007)
Foreign Direct Investment: $86.75 billion (2007)
Czech Investment Abroad: $6.058 billion (2007)
External debt: $74.7 billion (2007)
Value of Publicly Traded Shares: $48.6 billion (2006)
Exchange rates:
Electricity - production by source:
Electricity - consumption: 59.72 GWh (2005)
Electricity - exports: 24.99 GWh (2005)
Electricity - imports: 12.35 GWh (2005)
Oil - production: 18030 oilbbl/d (2005)
Oil - consumption: 213000 oilbbl/d (2005 est.)
Oil - exports: 20930 oilbbl/d (2004)
Oil - imports: 203700 oilbbl/d (2004)
Oil - proved reserves: 15000000 bbl (2,384,809,425 l) (1 January 2006)
Natural gas - production: 165 million m³ (2005 est.)
Natural gas - consumption: 9.076 billion m³ (2005 est.)
Natural gas - exports: 81.52 million m³ (2005 est.)
Natural gas - imports: 8.976 billion m³ (2005 est.)
Natural gas - proved reserves: 3.802 billion m³ (1 January 2006)
Natural resources: coal, timber, lignite, uranium, magnesite.
Agriculture - products:
wheat, rye, oats, corn, barley, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry, horses; forest products
Broadband penetration rate
Individuals using computer and internet
Central Europe
Central Europe or alternatively Middle Europe is a region of the European continent lying between the variously defined areas of Eastern and Western Europe...
and eastern Europe
Eastern Europe
Eastern Europe is the eastern part of Europe. The term has widely disparate geopolitical, geographical, cultural and socioeconomic readings, which makes it highly context-dependent and even volatile, and there are "almost as many definitions of Eastern Europe as there are scholars of the region"...
, the Czech Republic
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
has one of the most developed industrialized economies
Economic system
An economic system is the combination of the various agencies, entities that provide the economic structure that defines the social community. These agencies are joined by lines of trade and exchange along which goods, money etc. are continuously flowing. An example of such a system for a closed...
. It is one of the most stable and prosperous of the post-Communist states of Central and Eastern Europe. GDP per capita at purchasing power parity was $26,100 in 2008, which is 82% of the EU average.
The principal industries are heavy and general machine-building, iron and steel
Steel
Steel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...
production, metalworking, chemical
Chemistry
Chemistry is the science of matter, especially its chemical reactions, but also its composition, structure and properties. Chemistry is concerned with atoms and their interactions with other atoms, and particularly with the properties of chemical bonds....
production, electronics
Electronics
Electronics is the branch of science, engineering and technology that deals with electrical circuits involving active electrical components such as vacuum tubes, transistors, diodes and integrated circuits, and associated passive interconnection technologies...
, transportation equipment, textile
Textile
A textile or cloth is a flexible woven material consisting of a network of natural or artificial fibres often referred to as thread or yarn. Yarn is produced by spinning raw fibres of wool, flax, cotton, or other material to produce long strands...
s, glass
Glass
Glass is an amorphous solid material. Glasses are typically brittle and optically transparent.The most familiar type of glass, used for centuries in windows and drinking vessels, is soda-lime glass, composed of about 75% silica plus Na2O, CaO, and several minor additives...
, brewing, china, ceramic
Ceramic
A ceramic is an inorganic, nonmetallic solid prepared by the action of heat and subsequent cooling. Ceramic materials may have a crystalline or partly crystalline structure, or may be amorphous...
s, and pharmaceuticals. Its main agricultural products are sugarbeets, fodder root
Fodder
Fodder or animal feed is any agricultural foodstuff used specifically to feed domesticated livestock such as cattle, goats, sheep, horses, chickens and pigs. Most animal feed is from plants but some is of animal origin...
s, potato
Potato
The potato is a starchy, tuberous crop from the perennial Solanum tuberosum of the Solanaceae family . The word potato may refer to the plant itself as well as the edible tuber. In the region of the Andes, there are some other closely related cultivated potato species...
es, wheat
Wheat
Wheat is a cereal grain, originally from the Levant region of the Near East, but now cultivated worldwide. In 2007 world production of wheat was 607 million tons, making it the third most-produced cereal after maize and rice...
, and hops
Hops
Hops are the female flower clusters , of a hop species, Humulus lupulus. They are used primarily as a flavoring and stability agent in beer, to which they impart a bitter, tangy flavor, though hops are also used for various purposes in other beverages and herbal medicine...
.
History
Its strong industrial tradition dates to the 19th century, when BohemiaBohemia
Bohemia is a historical region in central Europe, occupying the western two-thirds of the traditional Czech Lands. It is located in the contemporary Czech Republic with its capital in Prague...
and Moravia
Moravia
Moravia is a historical region in Central Europe in the east of the Czech Republic, and one of the former Czech lands, together with Bohemia and Silesia. It takes its name from the Morava River which rises in the northwest of the region...
were the economic heartland of the Austro-Hungarian Empire. Today, this heritage is both an asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
and a liability
Liability (financial accounting)
In financial accounting, a liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.A liability is defined by the...
. The Czech Republic has a well-educated population and a well-developed infrastructure
Infrastructure
Infrastructure is basic physical and organizational structures needed for the operation of a society or enterprise, or the services and facilities necessary for an economy to function...
, but its industrial plants and much of its industrial equipment are obsolete.
According to the Stalinist
Stalinism
Stalinism refers to the ideology that Joseph Stalin conceived and implemented in the Soviet Union, and is generally considered a branch of Marxist–Leninist ideology but considered by some historians to be a significant deviation from this philosophy...
development policy of planned interdependence, all the economies of the socialist countries were linked tightly with that of the Soviet Union
Soviet Union
The Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....
. With the disintegration of the communist economic alliance in 1991, Czech manufacturers lost their traditional markets among former communist countries to the east.
1990-1995
The "Velvet RevolutionVelvet Revolution
The Velvet Revolution or Gentle Revolution was a non-violent revolution in Czechoslovakia that took place from November 17 – December 29, 1989...
" 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
Shock therapy (economics)
In economics, shock therapy refers to the sudden release of price and currency controls, withdrawal of state subsidies, and immediate trade liberalization within a country, usually also including large scale privatization of previously public owned assets....
that the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
(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
Unemployment
Unemployment , as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks...
, a positive balance of payments
Balance of payments
Balance of payments accounts are an accounting record of all monetary transactions between a country and the rest of the world.These transactions include payments for the country's exports and imports of goods, services, financial capital, and financial transfers...
position, a stable exchange rate
Exchange rate
In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency...
, a shift of exports from former communist economic bloc
Eastern bloc
The term Eastern Bloc or Communist Bloc refers to the former communist states of Eastern and Central Europe, generally the Soviet Union and the countries of the Warsaw Pact...
markets to Western Europe
Western Europe
Western Europe is a loose term for the collection of countries in the western most region of the European continents, though this definition is context-dependent and carries cultural and political connotations. One definition describes Western Europe as a geographic entity—the region lying in the...
, and relatively low foreign debt. Inflation has been higher than in some other countries - mostly in the 10% range - and the government has run consistent modest budget deficits.
Two government priorities have been strict fiscal policies
Fiscal policy
In economics and political science, fiscal policy is the use of government expenditure and revenue collection to influence the economy....
and creating a good climate for incoming investment in the republic. Following a series of currency devaluation
Devaluation
Devaluation is a reduction in the value of a currency with respect to those goods, services or other monetary units with which that currency can be exchanged....
s, the crown
Czech koruna
The Czech koruna or Czech crown has been the currency of the Czech Republic since 8 February 1993 when, together with its Slovak counterpart, it replaced the Czechoslovak koruna at par....
has remained stable in relation to the U.S. dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
. The Czech crown became fully convertible
Convertibility
Convertibility is the quality that allows money or other financial instruments to be converted into other liquid stores of value. Convertibility is an important factor in international trade, where instruments valued in different currencies must be exchanged....
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
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
. 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 counter-balance to the strong economic influence of Western European partners, especially of their powerful neighbour, Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
. Although foreign direct investment
Foreign direct investment
Foreign direct investment or foreign investment refers to the net inflows of investment to acquire a lasting management interest in an enterprise operating in an economy other than that of the investor.. It is the sum of equity capital,other long-term capital, and short-term capital as shown in...
(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
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
.
Progress toward creating a stable investment climate was recognized when the Czech Republic to become the first post-communist country to receive an investment-grade credit rating by international credit institutions.
The republic boasts a flourishing consumer production sector and has privatized
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
most state-owned heavy industries through the voucher privatization
Voucher privatization
Voucher privatization is a privatization method where citizens are given or can inexpensively buy a book of vouchers that represent potential shares in any state-owned company...
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
Communism
Communism is a social, political and economic ideology that aims at the establishment of a classless, moneyless, revolutionary and stateless socialist society structured upon common ownership of the means of production...
, state ownership of businesses was estimated to be 97% . 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 , 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.
1995-2000
The republic'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 GDPGross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
.
In response to the crisis, two austerity
Austerity
In economics, austerity is a policy of deficit-cutting, lower spending, and a reduction in the amount of benefits and public services provided. Austerity policies are often used by governments to reduce their deficit spending while sometimes coupled with increases in taxes to pay back creditors to...
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
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
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 TelecomCeský Telecom
Telefónica Czech Republic is a major integrated operator in the Czech Republic. It is now operating more than six million lines, both fixed and mobile, making it one of the world’s leading providers of fully converged services. The organization offers the most comprehensive portfolio of voice and...
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 belongs 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%, 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.
Energy
The Czech Republic is reducing its dependence on highly polluting low-grade brown coal as a source of energy. Nuclear powerNuclear power
Nuclear power is the use of sustained nuclear fission to generate heat and electricity. Nuclear power plants provide about 6% of the world's energy and 13–14% of the world's electricity, with the U.S., France, and Japan together accounting for about 50% of nuclear generated electricity...
presently provides about 30% of total power needs, and its share is projected to increase to 40%. Natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
is procured from Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
n Gazprom
Gazprom
Open Joint Stock Company Gazprom is the largest extractor of natural gas in the world and the largest Russian company. Its headquarters are in Cheryomushki District, South-Western Administrative Okrug, Moscow...
(roughly three-fourths of domestic consumption) and from Norwegian
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
companies (most of the remaining one-fourth). Russian gas is imported via Ukraine (Friendship pipeline
Druzhba pipeline
The Druzhba pipeline is the world's longest oil pipeline and in fact one of the biggest oil pipeline networks in the world. It carries oil some from the eastern part of the European Russia to points in Ukraine, Belarus, Poland, Hungary, Slovakia, Czech Republic, and Germany...
), Norwegian gas is transported through Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
. The gas consumption (approx. 100 TWh in 2003-5) is almost two times higher than the electricity consumption. South Moravia has a small amount of oil and gas deposits
Oil and gas deposits in the Czech Republic
The small oil and gas deposits in the Czech Republic are located mainly in south Moravia. Their exploration started in the early years of 20th century, first commercial oil extraction opened in 1919...
.
Background
GDP (pp.): $266.3 billion (2008)GDP Growth: 2.0% (2010)
GDP per capita (pp.): €13,050 (2009)
GDP by sector:
Agriculture: 2.9%
Industry: 38.7%
Services: 58.7% (2008)
Inflation: 3.6% (2008)
Labour Force: 5,370,000 (2008)
Unemployment: 6,5% (Jun 2011)
Industrial production growth rate: 7% (2008)
Household income or consumption by percentage share: (1996)
- lowest 10%: 4.3%
- highest 10%: 22.4%
Public Debt: 41,1% GDP (2010)
Trade and finance
Exports: $122 billion (2007)Export goods: machinery and transport goods 52%, raw materials 9%, chemicals 5%, other 34% (2003).
Imports: $116.6 billion
Import goods: machinery and transport goods 46%, raw materials and fuels 16%, chemicals 10%, other 28% (2003)
Current Account balance: -$4,533,000 (2007)
Export partners: Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
30.8%, Slovakia
Slovakia
The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south...
8.7%, Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
5.9%, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
5.4%, UK 5.1%, Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
4.9%, Austria
Austria
Austria , officially the Republic of Austria , is a landlocked country of roughly 8.4 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the...
4.6% (2007).
Import partners: Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
31.4%, Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
6.7%, Slovakia
Slovakia
The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south...
6.4%, Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
6.3%, Austria
Austria
Austria , officially the Republic of Austria , is a landlocked country of roughly 8.4 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the...
5.1%, China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
5.1%, Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
4.5%, Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
4.4%, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
4.1% (2007).
Reserves: $34.59 billion (2007)
Foreign Direct Investment: $86.75 billion (2007)
Czech Investment Abroad: $6.058 billion (2007)
External debt: $74.7 billion (2007)
Value of Publicly Traded Shares: $48.6 billion (2006)
Exchange rates:
- koruny (Kč) per US$1 – 18.75 (December 2010), 18.277 (2007), 23.957 (2005), 25.7 (2004), 28.2 (2003), 32.7 (2002), 38.0 (2001), 38.6 (2001), 34.6 (1999), 32.3 (1998), 31.7 (1997), 27.1 (1996), 26.5 (1995)
- koruny (Kč) per EUR€1 - 25.06 (December 2010)
Energy (production and consumption)
Electricity production: 77.38 GWh (2005)Electricity - production by source:
- fossil fuel: 75.54%
- hydro: 2.55%
- nuclear: 20.37%
- other: 1.54% (1998)
Electricity - consumption: 59.72 GWh (2005)
Electricity - exports: 24.99 GWh (2005)
Electricity - imports: 12.35 GWh (2005)
Oil - production: 18030 oilbbl/d (2005)
Oil - consumption: 213000 oilbbl/d (2005 est.)
Oil - exports: 20930 oilbbl/d (2004)
Oil - imports: 203700 oilbbl/d (2004)
Oil - proved reserves: 15000000 bbl (2,384,809,425 l) (1 January 2006)
Natural gas - production: 165 million m³ (2005 est.)
Natural gas - consumption: 9.076 billion m³ (2005 est.)
Natural gas - exports: 81.52 million m³ (2005 est.)
Natural gas - imports: 8.976 billion m³ (2005 est.)
Natural gas - proved reserves: 3.802 billion m³ (1 January 2006)
Natural resources: coal, timber, lignite, uranium, magnesite.
Agriculture - products:
wheat, rye, oats, corn, barley, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry, horses; forest products
IT and Telecommunications
Households with access to fixed and mobile telephone access- landline telephone - 25% (2009)
- mobile telephone - 94% (2009)
Broadband penetration rate
- fixed broadband - 19.1% (2010)
- mobile broadband - 3.5% (2010)
Individuals using computer and internet
- computer - 67% (2009)
- internet - 64% (2009)
See also
- Škoda WorksŠkoda WorksŠkoda Works was the largest industrial enterprise in Austro-Hungary and later in Czechoslovakia, one of its successor states. It was also one of the largest industrial conglomerates in Europe in the 20th century...
- Czech National BankCzech National BankThe Czech National Bank is the central bank and financial market supervisor in the Czech Republic with its headquarters in Prague. The Bank's governor is Miroslav Singer. In accordance with its primary objective, the ČNB sets monetary policy, issues banknotes and coins and manages the circulation...
- Prague Stock ExchangePrague Stock ExchangeThe Prague Stock Exchange or PSE is the Czech Republic's main securities market and currently the second biggest stock exchange in Central and Eastern Europe...
- Economy of EuropeEconomy of EuropeThe economy of Europe comprises more than 731 million people in 48 different states. Like other continents, the wealth of Europe's states varies, although the poorest are well above the poorest states of other continents in terms of GDP and living standards. The difference in wealth across...
- Czech Stock Exchange – RM-SYSTÉM
Resources
- Statistická ročenka České republiky (Statistical Yearbook of the Czech Republic) by the Czech Statistical OfficeCzech Statistical OfficeThe Czech Statistical Office is the main organization which collects, analyzes and disseminates statistical information for the benefit of the various parts of the local and national governments of the Czech Republic...
. The current line is published annually since 1957. Recent yearbooks can be read online (in Czech and English).
- CzechoslovakiaCzechoslovakiaCzechoslovakia or Czecho-Slovakia was a sovereign state in Central Europe which existed from October 1918, when it declared its independence from the Austro-Hungarian Empire, until 1992...
published its first statistical yearbook in 1920. Historically used names: Statistická příručka Republiky československé, Statistická ročenka Protektorátu Čechy a Morava (during the occupationGerman occupation of CzechoslovakiaGerman occupation of Czechoslovakia began with the Nazi annexation of Czechoslovakia's northern and western border regions, known collectively as the Sudetenland, under terms outlined by the Munich Agreement. Nazi leader Adolf Hitler's pretext for this effort was the alleged privations suffered by...
) and Statistická ročenka Československé socialistické republiky.
- Statistics about the Czech landsCzech landsCzech lands is an auxiliary term used mainly to describe the combination of Bohemia, Moravia and Czech Silesia. Today, those three historic provinces compose the Czech Republic. The Czech lands had been settled by the Celts , then later by various Germanic tribes until the beginning of 7th...
in Austria-HungaryAustria-HungaryAustria-Hungary , more formally known as the Kingdoms and Lands Represented in the Imperial Council and the Lands of the Holy Hungarian Crown of Saint Stephen, was a constitutional monarchic union between the crowns of the Austrian Empire and the Kingdom of Hungary in...
were collected by Zemský statistický úřad Království českého (Provincial Statistical Office of the Czech Kingdom) founded in 1897. Two detailed books (in Czech and German) were published in 1909 and 1913.