Skyline of Prague, Czech Republic

Czech Republic Economy

Czech Republic's economy in numbers:

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.

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.
Our Consensus is for sequential GDP growth to have remained robust in Q3. Retail sales strengthened in July–August from Q2’s level as price pressures cooled. Additionally, the Central Bank’s ongoing monetary easing cycle should have supported investment and domestic activity as a whole. Moreover, merchandise exports rebounded year on year in July–August, suggesting that external demand gained steam. Meanwhile, monthly industrial output was broadly in line with Q2’s outturn over the same two-month period. That said, heavy floods caused by Storm Boris in September likely dented activity at the tail end of Q3. In response, in early October, Parliament approved raising the deficit target for 2024 to provide around EUR 1.2 billion for flood aid. Moreover, the government plans to add nearly EUR 400 million in relief funds to its 2025 budget.
Projections out to 2034.

56 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 39 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 39 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

2019 2020 2021 2022 2023
Population (million) 10.7 10.7 10.5 10.8 10.9
GDP (USD bn) 257 251 291 302 343
GDP per capita (USD) 24,011 23,461 27,655 27,865 31,626
GDP (EUR bn) 229 220 246 287 317
GDP per capita (EUR) 21,451 20,580 23,395 26,510 29,251
GDP (CZK bn) 5,889 5,828 6,308 7,050 7,619
Economic Growth (Nominal GDP, ann. var. %) 7.5 -1.0 8.2 11.8 8.1
Economic Growth (GDP, ann. var. %) 3.5 -5.3 4.0 2.9 0.0
Domestic Demand (ann. var. %) 3.7 -5.0 7.3 3.3 -2.7
Private Consumption (ann. var. %) 3.0 -6.6 4.1 0.4 -2.9
Government Consumption (ann. var. %) 2.6 4.1 1.5 0.4 3.5
Fixed Investment (ann. var. %) 7.4 -4.8 6.7 6.3 2.7
Exports (G&S, ann. var. %) 1.2 -8.6 8.0 5.2 3.0
Imports (G&S, ann. var. %) 1.2 -8.5 13.6 6.0 -0.6
Industrial Production (ann. var. %) -0.5 -7.0 6.4 2.1 -0.8
Retail Sales (ann. var. %) 4.8 -1.5 4.1 -3.9 -4.5
Disposable Income (ann. var. %) 3.7 -0.5 4.3 -3.8 -1.8
Wages (ann. var. %) 7.9 4.6 5.8 4.3 8.0
Unemployment (% of active population, aop) 2.0 2.6 2.8 2.4 2.6
Fiscal Balance (% of GDP) 0.3 -5.6 -5.0 -3.1 -3.8
Public Debt (% of GDP) 29.6 36.9 40.7 42.5 42.4
Money (ann. var. of M2 %) 7.0 10.7 7.0 5.0 8.6
Inflation (CPI, ann. var. %, eop) 3.2 2.3 6.6 15.8 6.9
Inflation (CPI, ann. var. %, aop) 2.8 3.2 3.8 15.1 10.7
Inflation (HICP, ann. var. %, aop) 2.6 3.3 3.3 14.8 12.0
Inflation (PPI, ann. var. %, aop) 2.6 0.1 7.1 24.3 5.0
2-Week Repo Rate (%, eop) 2.00 0.25 3.75 7.00 6.75
3-Month PRIBOR (%, eop) 2.18 0.36 4.08 7.26 6.77
10-Year Bond Yield (%, eop) 1.63 1.28 2.73 5.02 3.75
Stock Market (ann. var. of PX-50 %) 13.1 -7.9 38.8 -15.7 17.7
Exchange Rate (CZK per USD, eop) 22.64 21.46 21.85 22.63 22.35
Exchange Rate (CZK per USD, aop) 22.93 23.21 21.69 23.37 22.20
Exchange Rate (CZK per EUR, eop) 25.41 26.26 24.85 24.15 24.69
Exchange Rate (CZK per EUR, aop) 25.67 26.46 25.64 24.56 24.00
Current Account Balance (EUR bn) 0.8 3.9 -5.1 -13.4 1.0
Current Account Balance (% of GDP) 0.3 1.8 -2.1 -4.7 0.3
Merchandise Trade Balance (EUR bn) 9.3 10.6 4.3 -0.9 12.1
Merchandise Exports (EUR bn) 139 126 148 176 182
Merchandise Imports (EUR bn) 130 115 143 177 170
Merchandise Exports (ann. var. %) 2.3 -9.6 17.0 19.0 3.7
Merchandise Imports (ann. var. %) 1.2 -11.2 24.0 23.2 -3.7
Foreign Direct Investment (EUR bn) 9.0 7.7 8.0 8.7 7.0
International Reserves (EUR bn) 134 146 147 133 137
International Reserves (months of imports) 12.4 15.1 12.3 9.1 9.7
External Debt (EUR bn) 173 165 185 193 190
External Debt (% of GDP) 75.2 74.7 75.1 67.2 60.0

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