Economy of the Czech Republic
Business district in Prague
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| Currency | Czech koruna (CZK) = 1 Kč |
|---|---|
| calendar year | |
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Trade organisations
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EU, WTO (via EU membership) and OECD |
| Statistics | |
| GDP |
 $193.5 billion (2016, Nominal) $368,7 billion (2017, PPP) |
| GDP rank | 50th (nominal); 49th (PPP) |
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GDP growth
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1.7% (Q4 2016) |
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GDP per capita
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$18,326 Nominal (2016) $33,223 PPP (2016) |
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GDP per capita rank
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39th (nominal); 40th (PPP) |
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GDP by sector
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Agriculture: 2.5% Industry: 37.5% Services: 60% (2016) |
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2.2% (January 2017) |
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Population below poverty line
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9.7% (2016 est.) |
| 26.2 (2013) | |
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Labour force
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5.244 million (December 2016) 192,5 thousand unemployed (December 2016) |
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Labour force by occupation
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Agriculture: 2.9% Industry: 38.1% Services: 58,9% (Q3 2016) |
| Unemployment |
 3.4% (January 2017) |
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Average gross salary
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CZK 27,220 / €1,007 / $1,070 per month (Q3 2016) |
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Main industries
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motor vehicles, metallurgy, machinery and equipment, glass, armaments |
| 27th (2017) | |
| External | |
| Exports |
$161.4 billion (2013 est. CIA) |
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Export goods
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machinery and transport equipment, raw materials and fuel, chemicals |
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Main export partners
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 Germany 31.8% Slovakia 9.1% Poland 6.1% France 5.1% United Kingdom 4.9% Austria 4.7%(2012 est.) |
| Imports |
$143.4 billion (2013 est. CIA) |
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Import goods
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machinery and transport equipment, raw materials and fuels, chemicals |
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Main import partners
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Germany 29.5% Poland 7.7% Slovakia 7.4% China 6.3% Netherlands 5.8% Russia 5.3% Austria 4.3% (2012 est.) |
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Gross external debt
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$90.18 billion (2012 est.) |
| Public finances | |
 37.2% of GDP as of 2015. |
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| Revenues |
 $81.08 billion (2012 est.) |
| Expenses |
$87.25 billion (2012 est.) |
| Economic aid | $2.4bn from EU funds (2004–06) |
| AA (Domestic) AA- (Foreign) AA+ (T&C Assessment) (Standard & Poor's) |
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The Czech Republic has developed an advanced social market economy and social policies that support a high-income welfare state.
As of 2016, the Czech GDP per capita at purchasing power parity is $32,622, and $18,020 at nominal value. The Czech Republic is participating in the European Single Market of the European Union and is therefore a part of the economy of the European Union. Its largest trading partner for both export and import is Germany. As of January 2017, the unemployment rate in the Czech Republic was the lowest in the EU at 3.4%, and the poverty rate is the second lowest of OECD members only behind Denmark.
The principal industries are engineering and machine-building, iron and steel production, metalworking, chemical production, electronics, transportation equipment, textiles, glass, brewing, ceramics, and pharmaceuticals. Its main agricultural products are sugar beets, fodder roots, potatoes, wheat, and hops.
The country's strong industrial tradition dates back to the 19th century, when Bohemia and Moravia were the economic heartland of the Austro-Hungarian Empire. The Czech lands produced a majority (about 70%) of all industrial goods in the Austro-Hungarian Empire, some of which were almost monopolistic. The Czechoslovak crown was introduced in April 1919. Introduced at a 1:1 ratio to the Austro-Hungarian currency, it became one of the most stable currencies in Europe.
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Wikipedia