Indicators of economy in 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

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