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Indicators of economy in Czechia

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,232 USD per capita. GDP in Czechia, on the other hand, reached USD 26,821 per capita, or 281.78 billion USD for the whole country. Czechia is therefore currently ranked 47 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then Czechia ranks 32nd in the list of the richest countries.

Inflation in Czechia in 2021 was around 3.84%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.

The index for perceived corruption in the public sector is 56, which is rather mediocre by global standards.


Back to overview: Czechia

Impact of the COVID-19 pandemic

Overall, the gross domestic product in Czechia in 2020 decreased moderatly from 252.55 billion US dollars to 245.97 billion US dollars. Certainly, there have been shifts in some sectors of the economy, but a drop of 2.6 percent is still comparatively good this year. Numerous countries suffered more substantial losses. The tourism sector alone slumped by around 51 percent. The unemployment rate rose from 2.0 to 2.5 percent. The country's gross debt increased by 22.0 percent. The consumer inflation rate has risen from 2.8 percent previously to 3.2 percent now.

In 2021, there was already a recovery and the gross domestic product increased to 281.78 billion US dollars (=111.6% of 2019).

Income and purchasing power

The average monthly income in Czechia is 2,036 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 31.9 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Czechia than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 49.4 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

 Czechia
Total
Czechia
per capita
EU
Total
EU
per capita
GDP281.78 bn USD26,821.25 USD17.177 tn USD33,384.92 USD
Gross national product256.63 bn USD24,427.65 USD16.895 tn USD32,835.37 USD


In the Global Innovation Index, Czechia ranked 30th in 2022 with 42.8 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points.

Development of gross domestic product in billions of USD 1990 - 2021


Household debt and deficits 2021


 Czechia
Total
Czechia
per capita
EU
Total
EU
per capita
Gross debt122.11 bn USD11,623.48 USD15.068 tn USD29,285.70 USD
Budget deficit16.58 bn USD1,577.99 USD799.24 bn USD1,553.35 USD


Imports and Exports 2021

 Czechia
Total
Czechia
per capita
EU
Total
EU
per capita
Imports196.24 bn USD18,679.53 USD8.916 tn USD17,329.02 USD
Exports204.78 bn USD19,492.58 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 1993 - 2021

Exports
Imports



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