Facts in brief

The Czech Republic is a country with a population of 10,6 million people situated in the heart of Europe. Nowadays is proud to have the lowest unemployment in the European Union and GDP per capita reached 88 % of EU average in 2016. It has been well known for its smooth transformation from centrally planned to a market-oriented economy. Czech economy and whole society suff ered a lot during more than 40 years under the communist regime. At the beginning of the 20th century it was a driving engine of Austro-Hungarian empire, and between the world wars became to the most developed countries over the world. Fortunately, after the Velvet revolution in 1989, the Czech Republic started very successful convergence. According to the newest available data, the Czech Republic is on the 28th place in the Index of economic freedom, on the 30th place in Doing Business rank provided by World bank and also on the 30th place in GDP per capita (PPP) in the world. The specifi c feature of the Czech Republic is highly export-oriented structure of the economy. Amount of export in 2016 reached 80 % of GDP, compared to 43 % average in EU.

 

Facts in brief (Czech economy)

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