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Czech Republic:
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Other pages in this profile of the Czech Republic:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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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 |
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