Czech Economy, Czech Republic Economy

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Economy - overview: The Czech Republic is one of the most stable and prosperous of the post-Communist states of Central and Eastern Europe. Growth in 2000-04 was supported by exports to the EU, primarily to Germany, and a strong recovery of foreign and domestic investment. Domestic demand is playing an ever more important role in underpinning growth as interest rates drop and the availability of credit cards and mortgages increases. Current account deficits of around 5% of GDP are beginning to decline as demand for Czech products in the European Union increases. Inflation is under control. Recent accession to the EU gives further impetus and direction to structural reform. In early 2004 the government passed increases in the Value Added Tax (VAT) and tightened eligibility for social benefits with the intention to bring the public finance gap down to 4% of GDP by 2006, but more difficult pension and healthcare reforms will have to wait until after the next elections. Privatization of the state-owned telecommunications firm Cesky Telecom is scheduled to take place in 2005. Intensified restructuring among large enterprises, improvements in the financial sector, and effective use of available EU funds should strengthen output growth.

GDP: 2.02% (2004)

GDP - real growth rate: 3.7% (2004 est.)

GDP - per capita: Purchasing power parity - $16,800 (2004 est.)

GDP - composition by sector: Agriculture: 3.4% industry: 39.3% services: 57.3% (2004 est.)

Population below poverty line: NA

Household income or consumption by percentage share: Lowest 10%: 4.3% highest 10%: 22.4% (1996)

Distribution of family income - Gini index: 25.4 (1996)

Inflation rate (consumer prices):

Labor force: 5.25 million (2004 est.)

Labor force - by occupation: Agriculture 4%, industry 38%, services 58% (2002 est.)

Unemployment rate: 10.6% (2004 est.)

Budget: Revenues: $39.31 billion expenditures: $45.8 billion, including capital expenditures of NA (2004 est.)

Industries: Metallurgy, machinery and equipment, motor vehicles, glass, armaments

Industrial production growth rate: 4.7% (2004 est.)

Electricity - production: 71.75 billion kWh (2002)

Electricity - production by source:

Electricity - consumption: 55.33 billion kWh (2002)

Electricity - exports: 20.9 billion kWh (2002)

Electricity - imports: 9.5 billion kWh (2002)

Oil - production: 7,419 bbl/day (2001 est.)

Oil - consumption: 175,700 bbl/day (2001 est.)

Oil - exports: 26,670 bbl/day (2001)

Oil - imports: 192,300 bbl/day (2001)

Oil - proved reserves: 17.25 million bbl (1 January 2002)

Natural gas - production: 160 million cu m (2001 est.)

Natural gas - consumption: 9.892 billion cu m (2001 est.)

Natural gas - exports: 1 million cu m (2001 est.)

Natural gas - imports: 9.521 billion cu m (2001 est.)

Natural gas - proved reserves: 3.057 billion cu m (1 January 2002)

Agriculture - products: Wheat, potatoes, sugar beets, hops, fruit; pigs, poultry

Exports: $66.51 billion f.o.b. (2004 est.)

Exports - commodities: Machinery and transport equipment 52%, chemicals 5%, raw materials and fuel 9% (2003)

Exports - partners: Germany 36.1%, Slovakia 8.4%, Austria 6%, Poland 5.3%, UK 4.7%, France 4.7%, Italy 4.3%, Netherlands 4.3% (2004)

Imports: $68.19 billion f.o.b. (2004 est.)

Imports - commodities: Machinery and transport equipment 46%, raw materials and fuels 15%, chemicals 10% (2003)

Imports - partners: Germany 31.7%, Slovakia 5.4%, Italy 5.3%, China 5.2%, Poland 4.8%, France 4.8%, Russia 4.1% (2004)

Debt - external: $36.28 billion (2004 est.)

Economic aid - recipient: $2.4 billion in available EU structural adjustment and cohesion funds (2004-06)

Currency:

Currency code:

Exchange rates: Koruny per US dollar - 25.7 (2004), 28.209 (2003), 32.739 (2002), 38.035 (2001), 38.598 (2000)

Fiscal year: Calendar year

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Aruba Antigua and Barbuda Afghanistan Algeria Azerbaijan Albania Armenia Andorra Angola American Samoa Argentina Australia Ashmore and Cartier Islands Austria Anguilla Antarctica Bahrain Barbados Botswana Bermuda Belgium Bahamas Bangladesh Belize Bosnia and Herzegovina Bolivia Burma Benin Belarus Solomon Islands Navassa Island Brazil Bassas da India Bhutan Bulgaria Bouvet Island Brunei Burundi Canada Cambodia Curacao Chad Sri Lanka Congo, Republic of the Congo, Democratic Republic of the China Chile Cayman Islands Cocos Islands Cameroon Comoros Colombia Northern Mariana Islands Coral Sea Islands Costa Rica Central African Republic Cuba Cape Verde Cook Islands Cyprus Denmark Djibouti Dominica Jarvis Island Dominican Republic Ecuador Egypt Ireland Equatorial Guinea Estonia Eritrea El Salvador Ethiopia Europa Island Czech Republic French Guiana Finland Fiji Falkland Islands Micronesia Faroe Islands French Polynesia Baker Island France French Southern and Antarctic Lands Gambia Gabon Georgia Ghana Gibraltar Grenada Guernsey Greenland Germany Glorioso Islands Guadeloupe Guam Greece Guatemala Guinea Guyana Gaza Strip Haiti Hong Kong Heard Island and McDonald Islands Honduras Howland Island Croatia Hungary Iceland Indonesia Isle of Man India British Indian Ocean Territory Clipperton Island Iran Israel Italy Cote d’Ivoire Iraq Japan Jersey Jamaica Jan Mayen Jordan Johnston Atoll Juan de Nova Island Kenya Kyrgyzstan North Korea Kingman Reef Kiribati South Korea Christmas Island Kuwait Kosovo Kazakhstan Laos Lebanon Latvia Lithuania Liberia Slovakia Palmyra Atoll Liechtenstein Lesotho Luxembourg Libya Madagascar Martinique Macau Moldova Mayotte Mongolia Montserrat Malawi Montenegro Macedonia Mali Monaco Morocco Mauritius Midway Islands Mauritania Malta Oman Maldives Mexico Malaysia Mozambique New Caledonia Niue Norfolk Island Niger Vanuatu Nigeria Netherlands Norway Nepal Nauru Suriname Netherlands Antilles Nicaragua New Zealand Paraguay Pitcairn Islands Peru Paracel Islands Spratly Islands Pakistan Poland Panama Portugal Papua New Guinea Palau Guinea-Bissau Qatar Serbia Reunion Marshall Islands Romania Philippines Puerto Rico Russia Rwanda Saudi Arabia Saint Pierre and Miquelon Saint Kitts and Nevis Seychelles South Africa Senegal Saint Helena Slovenia Sierra Leone San Marino Singapore Somalia Spain South Sudan Saint Lucia Sudan Svalbard Sweden South Georgia and the South Sandwich Islands Syria Switzerland United Arab Emirates Trinidad and Tobago Tromelin Island Thailand Tajikistan Turks and Caicos Islands Tokelau Tonga Togo Sao Tome and Principe Tunisia East Timor Turkey Tuvalu Taiwan Turkmenistan Tanzania Uganda United Kingdom Ukraine United States Burkina Faso Uruguay Uzbekistan Saint Vincent and the Grenadines Venezuela British Virgin Islands Vietnam Virgin Islands Vatican City Namibia West Bank Wallis and Futuna Western Sahara Wake Island Samoa Swaziland Indian Ocean Arctic Ocean The World Yemen Zambia Zimbabwe Select a country