About Czech Republic and Key Financial Statistics

About Czeech Republic and Key Financial Statistics

Overview of Economy:

The Czech Republic is a stable and prosperous market economy closely integrated with the EU, especially since the country's EU accession in 2004. The auto industry is the largest single industry, and, together with its upstream suppliers, accounts for nearly 24% of Czech manufacturing. The Czech Republic produced more than a million cars for the first time in 2010, over 80% of which were exported. While the conservative, inward-looking Czech financial system has remained relatively healthy, the small, open, export-driven Czech economy remains sensitive to changes in the economic performance of its main export markets, especially Germany. When Western Europe and Germany fell into recession in late 2008, demand for Czech goods plunged, leading to double digit drops in industrial production and exports. As a result, real GDP fell sharply in 2009. The economy slowly recovered in the second half of 2009 and registered weak growth in the next two years. In 2012 and 2013, however, the economy fell into a recession again, due both to a slump in external demand in the EU and to the government’s austerity measures, returning to weak growth in 2014. Foreign and domestic businesses alike voice concerns about corruption, especially in public procurement. Other long term challenges include dealing with a rapidly aging population, funding an unsustainable pension and health care system, and diversifying away from manufacturing and toward a more high-tech, services-based, knowledge economy.

Gross Domestic Product (In USD):

$315.9 billion (2014 est.)

$309.7 billion (2013 est.)

$311.4 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 2.7

% Industry: 37.8

% Services: 59.5

Composition of Labor Force by Occupation:

% Agriculture: 2.6

% Industry: 37.4

% Services: 60

Per Capita Income: