Economy

In the past twenty years or so, the Czech Republic has enjoyed a rapid improvement in living standards and its manufacturing and service sectors have experienced radical development. The period from 1993 to 2008 has been a time of major structural changes for the Czech economy as a whole.

However, there was plenty of economic tradition to pick up on in the first place – the territory of what is now the Czech Republic was one of the most economically advanced parts of Europe at the beginning of the last century. In the past the Czech Republic relied primarily on heavy industry, especially metallurgy and mechanical engineering. The economy today is primarily buoyed by the automotive industry and related sectors, the rubber-making, power and consumer goods industries and some traditional areas of production, such as glassmaking. In terms of the availability and range of services, the Czech Republic has caught up with EU standards.

Dynamic economy

The Czech economy is dynamically enhancing performance and stability despite the economic tremors beyond the country’s borders. The Czech economy is growing at a pace well ahead of the EU average; the Czech Republic’s gross domestic product per capita is steadily closing in on the lower end of purchasing power parity in the former EU-15.

Conditions for business are sound and safe, making the country very attractive in terms of investment despite the gradual rise in wages. The Czech Republic has been able to remain a focal point for investors from all over the world for a long time because of its steadily growing economy, stable and fair conditions, skilled workforce and low prices.

Last update: 16.8.2011 16:02

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