The macroeconomic context of investments in the field of machine tools in the Czech Republic

Abstract

The article focuses on the macroeconomic analysis of production, export, import and investment in machine tools in the Czech Republic in the context of the initiative of Industry 4.0. Machine tools (MT) are among traditional industries in the Czech Republic and the industry has an innovative and growth potential. However, the economic crisis may disrupt or modify this trend. The article focuses on the analysis of correlations between GDP growth and production of MT, MT exports and investments in MT in the Czech Republic after the accession to the European Union in 2004 during the economic crisis of 2009 and the post-crisis development until 2014. The results show that production and exports are directly related to fluctuations in GDP and the economic cycle, but domestic investment in machine tools did not show this dependence. It is necessary to capture new trends to increase the competitiveness of the MT industry. The course of recovery of Czech economy after the economic crisis of 2009 indicates signals of qualitative changes in the traditional field of machine tool production. Comparing the years 2013 and 2014, it shows that export MT (SITC 731) fell in 2014, although the total exports from the Czech Republic to Europe and to the world grew significantly.