Czech Republic's Macroeconomic Analysis:
Nominal GDP of USD 343 billion in 2023.
Nominal GDP of USD 290 billion in 2022.
GDP per capita of USD 26,825 compared to the global average of USD 10,589.
GDP per capita of USD 31,626 compared to the global average of USD 10,589.
Average real GDP growth of 2.1% over the last decade.
Average real GDP growth of 1.9% over the last decade.
Sector Analysis
In 2021, services accounted for 67% of overall GDP, manufacturing 23%, other industrial activity 8%, and agriculture 2%. Looking at GDP by expenditure, private consumption accounted for 46% of GDP in 2021, government consumption 21%, fixed investment 30%, and net exports 3%.International trade
In 2021, manufactured products made up 90% of total merchandise exports, mineral fuels 2%, food 4%, ores and metals 2% and agricultural raw materials 2%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 84% of total merchandise imports, mineral fuels 6%, food 6%, ores and metals 3% and agricultural raw materials 1%, with other goods accounting for 0% of the total. Total exports were worth USD 184 billion in 2022, while total imports were USD 188 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 1.9% in the decade to 2022. To read more about GDP growth in Czech Republic, go to our dedicated page.
Fiscal policy
Czech Republic's fiscal deficit averaged 1.7% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 4.0% in the decade to 2022. For more information on Czech Republic's unemployment click here.
Inflation
Inflation averaged 3.2% in the decade to 2022. Go to our Czech Republic inflation page for extra insight.
Monetary Policy
Czech Republic's monetary policy rate ended 2022 at 7.00%, up from 0.05% a decade earlier. See our Czech Republic monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the koruna weakened by 15.9% vs the U.S. dollar. For more info on the koruna, click here.
Economic situation in Czech Republic
GDP growth slowed to 0.3% in sequential seasonally adjusted terms in Q3, below both the previous quarter’s 0.4% as well as market and Central Bank expectations, according to a preliminary estimate. Annually, GDP growth more than doubled to 1.3% (Q2: +0.6% yoy). The quarterly moderation was likely due to weak exports, especially to Germany, amid stagnant external demand. Conversely, domestic indicators improved: Inflation was likely outpaced by wage growth, and interest rates fell, likely aiding private consumption. Looking at sectoral data, construction and manufacturing activity bolstered growth. Our panelists expect sequential GDP growth to pick up slightly in Q4. In October, the manufacturing PMI was above Q3’s average. Moreover, consumer and economic sentiment improved from Q3 in that same month, and may have been further boosted in November by another interest rate cut.Czech Republic Economic Forecasts
Projections out to 2034.56 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 38 expert analysts.
Want to get insight on the economic outlook for Czech Republic in the coming years? FocusEconomics collects projections out to 2034 on 56 economic indicators for Czech Republic from a panel of 38 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Czech Republic economy. To download a sample report on the Czech Republic's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.