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The aim of the article is to find out the relationship between the gross domestic product representing the Czech economy and the micro-environment, which is characterized by indicators of liquidity, profitability, activity and indebtedness for the period 2006-2016. In order to meet the objective of the article, variables such as gross domestic product, instantaneous, ready and current liquidity, return on equity and equity, return on inventories, receivables and payables, the ratio of foreign capital to equity, long-term and short-term bank loans. All data was drawn from the Czech Statistical Office and the AMADEUS database. For the purpose of this article, a total of 7,087 medium-sized companies were generated from the AMADEUS database. The correlation analysis and the Granger causality test were used to determine the relationship between the Czech economy and the micro-environment. The results of the correlation analysis showed a very weak correlation between gross domestic product and prompt liquidity, current liquidity, total capital and long-term bank loans. The Granger causality test demonstrated the effect of the existence of a two-way relationship between gross domestic product and long-term bank loans. At the same time, the effect of the unilateral relationship between the gross domestic product and the time of receivables turnover, the turnaround time, and the liquidity indicator were demonstrated.