Czech Republic

Large boost from exports
Growth is expected to be 4.75% in 2005, with an exceptionally large contribution from net exports. For 2006 and 2007 the trade component will fall while domestic demand is expected to strengthen and GDP growth is projected to be 4.5%. This will bring inflationary pressure and a slight tightening of monetary policy.
Though the country’s growth performance has strengthened since the early years of the decade, more progress in improving the business environment and labour-market efficiency would help reduce downside risks. In fiscal policy, even though there are good prospects of fulfilling the Maastricht criterion of 3% of GDP, further reform to the financing and provision of public services is needed to reduce the danger of unsustainable public finances in the longer term.
Population (000s), 200410 211
Area (000 sq km)79
GDP (Billion USD), 2004107.0
Life expectancy at birth (Women, Men), 2003 78.5, 72.0
Total labour force (000s), 20045 133
Government typeParliamentary Democracy
Indicators% change unless otherwise indicated
GDP growth4.84.54.5
Consumer price index1.92.83.0
Short-term interest rate (%)
Unemployment rate (%)
General government financial balance (% GDP)-4.0-3.6-3.2
Current account balance (% GDP)-4.0-2.8-2.1
Source: OECD© OECD Observer, No. 252, November 2005

Economic data

GDP growth: -9.8% Q2/Q1 2020 2020
Consumer price inflation: 1.3% Sep 2020 annual
Trade (G20): -17.7% exp, -16.7% imp, Q2/Q1 2020
Unemployment: 7.3% Sep 2020
Last update: 10 Nov 2020

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