Skyline of Prague, Czech Republic

Czech Republic Economy

Czech Republic's economy in numbers:

Nominal GDP of USD 290 billion in 2022.

GDP per capita of USD 26,825 compared to the global average of USD 10,589.

Average real GDP growth of 1.9% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

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%.

GDP by economic sector
GDP by type of expenditure

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.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The 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.
GDP fell at a softer annual pace in Q4 2023 than in Q3. Absent a breakdown by expenditure, the accompanying press release highlighted that shrinking gross capital formation outweighed an increase in external demand. Meanwhile, the economy rebounded in quarter-on-quarter terms, marking the strongest reading since Q2 2022, sustained by external demand and private consumption. In October-November, retail sales rebounded year on year from Q3’s drop, while economic sentiment rose in the quarter. Activity should gain traction in Q1 2024, according to our panel. On the fiscal front, in January, the Constitutional Court rejected a legal challenge to the government’s pension reforms, boding well for fiscal metrics ahead. Meanwhile, the government floated a plan to increase flexibility in hiring and firing employees, which, if introduced, would support job creation.
Projections out to 2033.

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 2033 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 .

Czech Republic Economic Data

2018 2019 2020 2021 2022
Population (million) 10.7 10.7 10.7 10.5 10.8
GDP (USD bn) 249 253 246 282 290
GDP per capita (USD) 23,365 23,614 22,982 26,783 26,825
GDP (EUR bn) 211 226 216 238 276
GDP per capita (EUR) 19,803 21,096 20,159 22,657 25,521
GDP (CZK bn) 5,411 5,791 5,709 6,109 6,787
Economic Growth (Nominal GDP, ann. var. %) 5.9 7.0 -1.4 7.0 11.1
Economic Growth (GDP, ann. var. %) 3.2 3.0 -5.5 3.5 2.4
Domestic Demand (ann. var. %) 4.9 3.2 -5.4 8.4 1.5
Private Consumption (ann. var. %) 3.3 2.6 -7.4 4.1 -0.8
Government Consumption (ann. var. %) 3.9 2.5 4.2 1.4 0.3
Fixed Investment (ann. var. %) 10.0 5.8 -6.0 0.7 3.1
Exports (G&S, ann. var. %) 3.7 1.4 -8.1 6.8 7.2
Imports (G&S, ann. var. %) 5.8 1.4 -8.2 13.2 6.3
Industrial Production (ann. var. %) 3.0 -0.3 -7.2 6.6 2.5
Retail Sales (ann. var. %) 4.9 4.8 -0.7 4.3 -3.7
Disposable Income (ann. var. %) 4.2 3.7 -0.5 4.3 -3.8
Wages (ann. var. %) 8.2 7.9 4.6 5.8 5.3
Unemployment (% of active population, aop) 2.2 2.0 2.6 2.8 2.4
Fiscal Balance (% of GDP) 0.9 0.3 -5.8 -5.1 -3.2
Public Debt (% of GDP) 32.1 30.0 37.7 42.0 44.2
Money (ann. var. of M2 %) 5.6 7.0 10.7 7.0 5.0
Inflation (CPI, ann. var. %, eop) 2.0 3.2 2.3 6.6 15.8
Inflation (CPI, ann. var. %, aop) 2.1 2.8 3.2 3.8 15.1
Inflation (HICP, ann. var. %, aop) 2.0 2.6 3.3 3.3 14.8
Inflation (PPI, ann. var. %, aop) 2.0 2.6 0.1 7.1 24.3
2-Week Repo Rate (%, eop) 1.75 2.00 0.25 3.75 7.00
3-Month PRIBOR (%, eop) 2.01 2.18 0.36 4.08 7.26
10-Year Bond Yield (%, eop) 1.85 1.63 1.28 2.73 5.02
Stock Market (ann. var. of PX-50 %) -8.5 13.1 -7.9 38.8 -15.7
Exchange Rate (CZK per USD, eop) 22.51 22.64 21.46 21.85 22.63
Exchange Rate (CZK per USD, aop) 21.74 22.93 23.21 21.69 23.37
Exchange Rate (CZK per EUR, eop) 25.74 25.41 26.26 24.85 24.15
Exchange Rate (CZK per EUR, aop) 25.66 25.67 26.46 25.64 24.56
Current Account Balance (EUR bn) 0.9 0.7 4.3 -6.6 -16.9
Current Account Balance (% of GDP) 0.4 0.3 2.0 -2.8 -6.1
Merchandise Trade Balance (EUR bn) 7.8 9.3 10.6 2.7 -4.0
Merchandise Exports (EUR bn) 136 139 128 149 175
Merchandise Imports (EUR bn) 128 130 117 146 179
Merchandise Exports (ann. var. %) 5.6 2.3 -8.2 16.0 17.8
Merchandise Imports (ann. var. %) 7.7 1.2 -9.7 24.2 22.7
Foreign Direct Investment (EUR bn) 9.6 9.0 7.7 8.0 9.2
International Reserves (EUR bn) 121 134 146 147 133
International Reserves (months of imports) 11.3 12.4 14.9 12.1 8.9
External Debt (EUR bn) 171 173 165 182 184
External Debt (% of GDP) 81.3 76.5 76.3 76.3 66.7

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