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Czech Republic Economy




Czech Republic    Economy Top of Page
Economy - overview: Basically one of the most stable and prosperous of the post-Communist states, the Czech Republic has been recovering from recession since mid-1999. The economy grew about 2.5% in 2000 and should achieve somewhat higher growth in 2001. Growth is led by exports to the EU, especially Germany, and foreign investment, while domestic demand is reviving. Uncomfortably high fiscal and current account deficits could be future problems. Unemployment is down to 8.7% as job creation continues in the rebounding economy; inflation is up to 3.8% but still moderate. The EU put the Czech Republic just behind Poland and Hungary in preparations for accession, which will give further impetus and direction to structural reform. Moves to complete banking, telecommunications and energy privatization will add to foreign investment, while intensified restructuring among large enterprises and banks and improvements in the financial sector should strengthen output growth.
GDP: purchasing power parity - $132.4 billion (2000 est.)
GDP - real growth rate: 2.5% (2000 est.)
GDP - per capita: purchasing power parity - $12,900 (2000 est.)
GDP - composition by sector: agriculture:  3.7%

industry:  41.8%

services:  54.5% (1999)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  4.3%

highest 10%:  22.4% (1996)
Inflation rate (consumer prices): 3.8% (2000 est.)
Labor force: 5.203 million (1999 est.)
Labor force - by occupation: agriculture 5%, industry 40%, services 55% (2000 est.)
Unemployment rate: 8.7% (2000 est.)
Budget: revenues:  $16.7 billion

expenditures:  $18 billion, including capital expenditures of $NA (2001 est.)
Industries: metallurgy, machinery and equipment, motor vehicles, glass, armaments
Industrial production growth rate: 7.6% (2000)
Electricity - production: 67.642 billion kWh (2000)
Electricity - production by source: fossil fuel:  77.8%

hydro:  3.43%

nuclear:  18.77%

other:  0% (2000)
Electricity - consumption: 52.898 billion kWh (2000)
Electricity - exports: 18.744 billion kWh (2000)
Electricity - imports: 8.735 billion kWh (2000)
Agriculture - products: wheat, potatoes, sugar beets, hops, fruit; pigs, poultry
Exports: $28.3 billion (f.o.b., 2000)
Exports - commodities: machinery and transport equipment 44%, other manufactured goods 40%, chemicals 7%, raw materials and fuel 7% (1999)
Exports - partners: Germany 43%, Slovakia 8.4%, Austria 6.6%, Poland 5.6%, France 4% (1999)
Imports: $31.4 billion (f.o.b., 2000)
Imports - commodities: machinery and transport equipment 42%, other manufactured goods 33%, chemicals 12%, raw materials and fuels 10% (1999)
Imports - partners: Germany 37.5%, Slovakia 6.7%, Austria 6.2%, Italy 5.9%, France 5.4% (1999)
Debt - external: $21.3 billion (2000)
Economic aid - recipient: $NA
Currency: Czech koruna (CZK)
Currency code: CZK
Exchange rates: koruny per US dollar - 37.425 (January 2001), 38.598 (2000), 34.569 (1999), 32.281 (1998), 31.698 (1997), 27.145 (1996)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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