Czechia - Economy
How is the economy of Czechia? Based on the information we have, Czechia has a high-income, diversified EU economy; manufacturing-oriented exporter led by automotive industry; growth stalled by inflation and energy supply disruption; business-friendly regulatory frameworks; tight labor market with low unemployment; seeking reforms to support decarbonization and improve energy efficiency. Key agricultural products in this country include: wheat, sugar beets, milk, barley, rapeseed, potatoes, maize, pork, triticale, oats (2022).
More about the economy of Czechia
| Labor force | 5.502 million (2023 est.) |
|---|---|
| Industrial production growth rate | -0.44% (2023 est.) |
| Industries | motor vehicles, metallurgy, machinery and equipment, glass, armaments |
| Population below poverty line | 10.2% (2021 est.) |
| Taxes and other revenues | 13.13% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | koruny (CZK) per US dollar - |
| Exchange rates 2023 | 22.198 (2023 est.) |
| Exchange rates 2022 | 23.357 (2022 est.) |
| Exchange rates 2021 | 21.678 (2021 est.) |
| Exchange rates 2020 | 23.21 (2020 est.) |
| Exchange rates 2019 | 22.932 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $148.379 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $139.981 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $173.618 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $1.281 billion (2023 est.) |
| Current account balance 2022 | -$17.366 billion (2022 est.) |
| Current account balance 2021 | -$7.686 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 34.7% of GDP (2017 est.) |
| Budget | |
| Revenues | $94.01 billion (2022 est.) |
| Expenditures | $103.959 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.27% of GDP (2023 est.) |
| Remittances 2022 | 1.43% of GDP (2022 est.) |
| Remittances 2021 | 1.56% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.9% (2021 est.) |
| Highest 10% | 22.2% (2021 est.) |
| Average household expenditures | |
| On food | 16.4% of household expenditures (2022 est.) |
| On alcohol and tobacco | 8.2% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $219.393 billion (2023 est.) |
| Imports 2022 | $218.002 billion (2022 est.) |
| Imports 2021 | $197.515 billion (2021 est.) |
| Imports (partners) | Germany 24%, China 13%, Poland 10%, Slovakia 6%, Russia 4% (2022) |
| Comodities Imports force | broadcasting equipment, vehicle parts/accessories, natural gas, machine parts, plastic products (2022) |
| Exports | |
| Imports 2023 | $219.393 billion (2023 est.) |
| Imports 2022 | $218.002 billion (2022 est.) |
| Imports 2021 | $197.515 billion (2021 est.) |
| Exports (partners) | Germany 32%, Slovakia 8%, Poland 7%, France 5%, Austria 5% (2022) |
| Comodities Exports force | cars, vehicle parts/accessories, broadcasting equipment, computers, plastic products (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $519.007 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $520.629 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $508.67 billion (2021 est.) |
| GDP (official exchange rate) | $330.858 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $47,700 (2023 est.) |
| Real GDP per capita 2022 | $48,800 (2022 est.) |
| Real GDP per capita 2021 | $48,400 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.6% (2023 est.) |
| Industry | 30.2% (2023 est.) |
| Services | 59.8% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 45.6% (2023 est.) |
| Government consumption | 20.4% (2023 est.) |
| Investment in fixed capital | 27% (2023 est.) |
| Investment in inventories | 1.9% (2023 est.) |
| Exports of goods and services | 72% (2023 est.) |
| Imports of goods and services | -66.9% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 2.59% (2023 est.) |
| Unemployment rate 2022 | 2.22% (2022 est.) |
| Unemployment rate 2021 | 2.8% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 8.3% (2023 est.) |
| Male | 7.8% (2023 est.) |
| Female | 9% (2023 est.) |
All Important Facts about Czechia
Want to know more about Czechia? Check all different factbooks for Czechia below.
