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Economy and Banking Sector of the Czech Republic

National Currency

Czech Koruna (CZK)

Exchange Rate

1 EUR = 27.251 CZK (2020-10-30)

During the last 11 years EURCZK exchange rate was within the range 24.110 - 27.797, reaching its maximum in Jan 2015 and falling to its minimum in Aug 2011.

Euro to Czech koruna (EURCZK).

Chart 1. Euro to Czech koruna (EURCZK). Source: ECB.

GDP

Nominal GDP (2019)
220.2 bln EUR  (+0.06%)
Nominal GDP per Capita (2019)
20,640 EUR  (+0.06%)
Real GDP Growth (2019)
2.6 %  (2018: 2.9 %)

According to Eurostat, nominal GDP of Czech Republic in 2019 was 220.2 bln EUR.

Czech Republic outperforms the European Union in terms of real GDP growth with the average annual differential coming to 1.2% over the past 10 years (2009 - 2019). In 2019 real GDP growth was 2.6% which was above the Euro Area average (1.2%) and above the European Union average (1.5%). Real GDP growth in 2020 - 2024 are IMF's estimates.

Real GDP Growth in Czech Republic.

Chart 2. Real GDP Growth in Czech Republic. Source: Eurostat, International Monetary Fund.

In 2019, nominal GDP per capita in Czech Republic was 20,640 EUR.

Czech Republic has a below-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, fell behind that of the European Union by -9.9% over the past 10 years (2008 - 2018). GDP per capita at PPP in 2019 - 2024 are IMF's estimates.

GDP Per Capita at Purchasing Power Parity in  Czech Republic; European Union = 100.

Chart 3. GDP Per Capita at Purchasing Power Parity in Czech Republic; European Union = 100.

Inflation Rate

CPI, MoM (Apr 2020)
-0.2 %  (Mar 2020: 0.0 %)
CPI, YoY (Apr 2020)
3.3 %  (Mar 2020: 3.6 %)
CPI, Year Average (2019)
2.6 %  (2018: 2.0 %)

According to Eurostat, inflation rate in Czech Republic in 2019 expressed as annual percentages of average consumer prices was 2.6% which was above the Euro Area average (1.2%) and above the European Union average (1.5%). Inflation rates in 2020 - 2024 are IMF's estimates.

Inflation Rate in Czech Republic.

Chart 4. Inflation Rate in Czech Republic. Source: Eurostat, International Monetary Fund.

Unemployment Rate

Unemployment Rate (2019)
2.0 %  (2018: 2.2 %)

According to Eurostat, unemployment rate in Czech Republic in 2019 was 2.0% which was below the Euro Area average (7.6%) and below the European Union average (6.3%). Unemployment rates in 2020 - 2024 are IMF's estimates.

Unemployment Rate in Czech Republic.

Chart 5. Unemployment Rate in Czech Republic. Source: Eurostat, International Monetary Fund.

Government Bond Yield

Government Bond Yield (Apr 2020)
1.28 % (unchanged)

According to Eurostat, government bond yield in Czech Republic in April 2020 was 1.28%, compared to 1.28% in March 2020.

Government bond yield of Czech Republic.

Chart 6. Government bond yield of Czech Republic. Source: Eurostat.

Credit Ratings (as of Nov 2020)

Fitch
AA- (very high credit quality), outlook stable
Moody's
Aa3 (high grade), outlook stable
Scope
AA (high grade), outlook stable

The Czech Republic has sovereign credit ratings assigned by American credit rating agencies Fitch and Moody's: the rating set by Fitch is AA- (very high credit quality), outlook stable; the rating set by Moody's is Aa3 (high grade), outlook stable. Scope Ratings, the European rating agency, rated The Czech Republic as AA (high grade), outlook stable.

Fitch and Moody's rating data are provided for June 2020, Scope Ratings for November 2020.