Czech Republic PESTLE Insights – A Macroeconomic Outlook Report

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Czech Republic PESTLE Insights Report Overview

The Czech Republic was ranked 28th of 153 nations in the GCRI Q3 2023. The country’s GDP was $334 billion in 2023. On January 4, 2023, the Czech government endorsed legislation, setting defense expenditure at a minimum of 2% of the GDP in alignment with the NATO alliance commitment.  To counter the shortage of skilled workers in the labor market, the Czech government, in October 2023, sanctioned a proposal by the Ministry of Industry and Trade. This initiative involves raising quotas for foreign workers from third countries by 20,000 in 2024. The initiative aims to boost the Czech Republic’s GDP, fortify the labor market, and enhance state budget revenue. Targeted areas for this effort encompass roles such as IT specialists, developers, software engineers, doctors, nurses, machine operators, assembly workers, bricklayers, and various others.

Key Sector’s Contribution to the Czech Republic Economy (2019-2026)

Key Sector’s Contribution to the Czech Republic Economy (2019-2026)

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GDP in 2023 $334 Billion
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Czech Republic Macroeconomic Outlook - PESTLE Insights

Political Landscape

The Czech Republic has performed well in its transition to democracy and multiparty politics. According to the World Bank, Worldwide Governance Indicators (2023), the country was ranked in the 80.7 percentile in terms of the voice and accountability parameter in 2022. This parameter reflects perceptions of the extent to which a country’s citizens can participate in selecting their government.

Economic Landscape

In 2022, Czech car production grew significantly. In 2023, the Czech Republic experienced a prominent growth in imports. Conversely, the volume of exports, according to the IMF, exhibited more than 5% growth in 2023. Furthermore, the country’s annual inflation rate decelerated in December 2023, marking a three-month low.

Social Landscape

The Czech Republic, in collaboration with various ministries, has released its 2022 report on migration and integration of foreigners. A predominant trend was the notable arrival of individuals displaced from Ukraine, granted temporary protection by year-end. In relative terms, the Czech Republic became the EU’s primary recipient of Ukrainian refugees.

Technological Landscape

The Czech Republic ranked seventh on the high-tech imports, of total trade. According to the European Innovation Scoreboard (2023), the Czech Republic’s relative strength included public-private co-publications, product innovators, business process innovators, and non-R&D innovation expenditures. The country introduced the Education Policy Strategy for 2020-30. The policy aims to develop a roadmap toward a digital education system in the Czech Republic. In addition, the ministry of the country seeks to modernize, equip, and guide schools, introduce digital technologies, promote innovation, amplify the volume of learning, and implement new methods to acquire knowledge and skills.

Legal Landscape

In September 2023, the government approved a legislative amendment regarding the Right to Digital Services in the Czech Republic. It allows citizens to securely save and utilize a digital representation of their national identity card within a smartphone’s digital wallet.

Environmental Landscape

As of November 2023, Czech companies united in the Alliance for an Emission-Free Future, are driving sustainability by transitioning to low-carbon operations. CEZ, a major power supplier, leads the charge with plans to convert heating plants to natural gas by 2029. This collective effort signifies a notable shift in Czech businesses toward carbon neutrality, emphasizing their commitment to a zero-carbon approach for a competitive and environmentally resilient future.

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In October 2023, a loan agreement worth CZK24 billion ($1 billion) was signed between the European Investment Bank (EIB) and Czech Republic, to develop the country’s rail network.

Key Highlights

The PX index has been on a volatile trend. As of January 3, 2024, the index stood at 1,414.0, compared to 1,218.9 on January 03, 2023.

Reasons to Buy

  • Macroeconomic Outlook Report identifies the potential of the country as an investment destination by analyzing the political, economic, social, technological, legal, and environmental (PESTLE) structure.
  • PESTLE Insights provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and direction of operations
  • Along with providing the country’s snapshot, the report captures the risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
  • This report also highlights key clusters/cities which contribute significantly to the country’s GDP and population along with major companies’ presence in these areas.

CEZ Group

Table of Contents

List of Exhibits

Did You Know?

Country Highlights

Key Economic Updates

Country Snapshot

Political Landscape

Economic Landscape

Social Landscape

Technological Landscape

Legal Landscape

Environmental Landscape



Exhibit 1: Czech Republic’s performance in terms of the country’s risk analysis in comparison to Eastern Europe and the world

Exhibit 2: Performance overview (score: 0-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: PX index, (January 2023 – January 2024)

Exhibit 5: Key sectors contribution to the economy (2019–26f)

Exhibit 6: FDI flows and FDI by sector (2018–22)

Exhibit 7: FDI by countries and region (2018–22)

Exhibit 8: Key infrastructure indicators (2020)

Exhibit 9: Real GDP and household consumption growth rate (2019–26f)

Exhibit 10: Real GDP growth rate comparison (2023e)

Exhibit 11: Volume of exports and imports growth (2019–26f)

Exhibit 12: Current account balance (2019–26f)

Exhibit 13: Top three commodity exports, % of total exports (2018–22)

Exhibit 14: Exports of electrical machinery and equipment and parts thereof, % of world’s total (2022)

Exhibit 15: Interest rates (December 2018 – December 2023)

Exhibit 16: Exchange rate and inflation (2019–26f)

Exhibit 17: Public finance (2019–26f)

Exhibit 18: General government debt (2019–26f)

Exhibit 19: Unemployment rate (2019–26f)

Exhibit 20: Average annual wages (2019–26f)

Exhibit 21: Labor cost index (2019–26f)

Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025f)

Exhibit 23: Age-group share of total population (1995, 2005, 2015, 2025f)

Exhibit 24: Gender split (1995, 2005, 2015, 2025f)

Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2023e)

Exhibit 26: Number of patents granted per million population (2022, or latest available year)

Exhibit 27: High technology exports, % of manufactured exports (2022, or latest available year)

Exhibit 28: Rule of law index (rankings) 2023

Exhibit 29: Corruption perceptions index (rankings) (2022)

Exhibit 30: Renewable energy, installed capacity (2019–23e)

Exhibit 31: CO2 emissions (2018–22)


List of Figures

Exhibit 1: Czech Republic’s performance in terms of its country risk analysis in comparison to East Europe and the World average

Exhibit 2: Performance overview (score: 1-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: Czech Republic stock exchange index – PX Index (December 2021 – December 2022)

Exhibit 5: Czech Republic exchange rate (December 2021 – December 2022)

Exhibit 6: Key sectors’ contribution to the economy (2017-24f)

Exhibit 7: FDI flows and FDI by sector (2017-21)

Exhibit 8: FDI by countries and region (2017-21)

Exhibit 9: Key infrastructure indicators

Exhibit 10: Real GDP and household consumption growth rate (2017-24f)

Exhibit 11: Real GDP growth rate comparison (2021)

Exhibit 12: Exports, imports and trade balance (2017-2024f)

Exhibit 13: Current account balance (2017-24f)

Exhibit 14: Top three commodity exports, % of total exports (2018-21)

Exhibit 15: Nuclear reactors, boilers, machinery and mechanical appliances, % of world’s total (2021)

Exhibit 16: Interest rates (November 2017 – November 2022)

Exhibit 17: Exchange rate and inflation (2017-24f)

Exhibit 18: Public finance (2017-24f)

Exhibit 19: General government debt (2017-24f)

Exhibit 20: Unemployment (2017-24f)

Exhibit 21: Average annual wages (2017-24f)

Exhibit 22: Labor cost index (2017-24f)

Exhibit 23: Rural/urban share of total population (1995, 2005, 2015, 2025)

Exhibit 24: Age-group share of total population (1995, 2005, 2015, 2025)

Exhibit 25: Gender split (1995, 2005, 2015, 2025)

Exhibit 26: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2021)

Exhibit 27: Number of patents granted per million people (2021)

Exhibit 28: High-technology exports, % of manufactured exports (2020)

Exhibit 29: Doing business in the Czech Republic 2020

Exhibit 30: Corruption perception index (rankings) (2021)

Exhibit 31: Renewable energy, installed capacity (2016-20)

Exhibit 32: CO2 emissions (2017-21)

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