Czech Republic

The Czech Republic is a mature parliamentary democracy and one of the fastest growing economies, as well as one of the ten countries that joined the EU on 1 May 2004. The country’s economic policy is consistent and predictable. A strong and independent central bank (the National Bank of the Czech Republic) since 1991 has maintained its currency stability. The Czech Republic became the first country in Central and Eastern Europe to be admitted to the OECD.

The open investment climate is one of the main elements of the economic transformation of the Czech Republic.

The Czech Republic is one of the industrially developed countries of Central and Eastern Europe. According to the International Monetary Fund, the Czech industry produces about 0.35% of the world gross output, occupying the 44th place in the world in terms of GDP in 2014. The Czech economy has an export-oriented orientation and is one of the world’s largest exporters of engineering products – it ranks second in the world in the production of passenger cars per capita and annually enters the 15 first countries in terms of the number of cars produced.

In this case, the economic development of the Czech Republic is in a certain dependence on transnational corporations, which own large Czech enterprises, mainly producing components for the production of technical products or carrying out industrial assembly. The export component of the Czech economy is constantly increasing and now amounts to 79% of GDP. The high credit ratings assigned to the country by international rating agencies (S & amp; AA, Moody’s – A1, Fitch-A +) contribute significantly to the development of the Czech economy and the attraction of foreign direct investment.

 Key facts

Business Guide Czech Republic