ICT, travel and tourism, transport, insurance and finance, cars, computers, automotive, machinery, electronics, metals, minerals, electronics, agriculture and textiles are major industries of Czech Republic. In 2017, Agriculture industry contributed 2.50% to GDP of Czech Republic. Manufacturing had a share of 37.8% while services industry had a share of 59.7% of GDP in 2017.
In 2017, Services industry exports was valued at USD 27.1 billion for Czech Republic. Electronics export accounted for USD 29.4 billion, machinery for USD 41.7 billion, vehicals for USD 39 billion, chemicals for USD 17.6 billion, metals for USD 15 billion, minerals for USD 3.93 billion, stones for USD 3.70 billion, textiles for USD 10.6 billion and agriculture for USD 14.7 billion in 2017.
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Czech Republic to the west, Austria to the south, Slovakiato the east and Poland to the north. Its capital and largest city, with 1.3 million inhabitants, is Prague. The nation and its economy, however, are expected to ride through the rough patch on the virtue of its pace of economic growth and huge potential in sectors such as energy, automotive, and retail. Rebound in the growth of exports will further sustain economic growth. The country adopted its short name Czechia in 2016, while continuing to use the full form name Czech Republic.
Czech Republic is estimated to have population of 10.619 million in the year 2020 and expected to reach 10.657 million by 2024, growing at a CAGR of 0.08%.
Czech Republic鈥檚 real gross domestic product (GDP) was CZK 4859.79 billion in 2019 and due to COVID-19 outbreak it is estimated to shrink by 6.5% to be around CZK 4543.90 billion in 2020.
Czech Republic鈥檚 unemployment rate was 2.001% of total labor force in 2019. Due to slowdown in global economic activity due to COVID-19 pandemic the unemployment is expected to increase by 73.32% and reach 7.5% in 2020. Unemployment is further estimated to decrease in 2021 by 25% and reach 6% of total labor force in Czech Republic.
Czech Republic鈥檚 per capita GDP was estimated at USD 23209.60 whereas purchasing power parity (PPP) based per capita GDP was estimated to be at USD 39088.36 for the year 2019.
In 2019, Czech Republic government鈥檚 revenue was estimated to be CZK 2337.94 billion whereas the expenditure was estimated to be CZK 2275.72 billion. This is expected to result in Czech Republic government鈥檚 net lending / borrowing positive at CZK 62.217 billion in 2019 indicating that enough financial resources were made available by the government to boost economic growth.
The current account balance for Czech Republic was estimated to be negative at USD 1.576 billion for the year 2019 and is expected to further decrease at a CAGR of 28.94% and remain negative at USD 5.619 billion by 2024. This negative current account balance indicates that Czech Republic is a net borrower from rest of the world.
In World Bank鈥檚 ease of doing business ranking Czech Republic was ranked 41 out of 190 countries in 2019. Czech Republic鈥檚 ease of doing business ranking has slipped from 35th position in 2018.
听
听
*If Applicable.
