Business and Investment Development Agency

About Czechia

About Czechia

The influential intellectual heavyweight and former president, Vaclav Havel, may be the first person who springs to mind on mentioning Czechia, while others may associate the country with many significant scientists, writers, painters, composers or athletes.  

The international business community’s perception of Czechia, however, may slightly differ. Granted, the same attributes that influence the above-mentioned perceptions, like commitment, competence and competitiveness, are prevalent, but manifest themselves differently.

Increasingly, Czechia, which joined the European Union in 2004, is recognized as the optimal business environment from which to better serve international customers. This is a result of several factors, the most notable being the sustained enhancements to the business environment implemented by the Czech government and the ability of the country’s pre-eminent natural resource, intellectual capital, to respond to the needs of knowledge-based and innovation-driven businesses.

Czechia was the first CEE country to be admitted into the OECD. The country is a member of NATO and is fully integrated into other international organisations such as the WTO, IMF and EBRD.

.

Key information about Czechia  
Area 78,870 km² 
Population 10.85 million
Workforce 5.3 million
Capital Prague
Language Czech
Currency Czech crown (CZK)
Time zone GMT +1, daylight saving time GMT +2
Source: Czech Statistical Office, 2023
Main Economic Indicators 2017 2018 2019 2020 2021 2022 2023*
GDP growth (constant prices,%) 5.2 3.2 3.0 -5.5 3.6 2.5 0.1
General government debt (% GDP) 34.2 32.1 30.0 37.7 42.0 44.1 43.5
Long-term interest rates (YTM of 10Y government bonds) 0.98 1.98 1.55 1.13 1.90 4.33 4.50
Average inflation rate (%) 2.5 2.1 2.8 3.2 3.8 15.1 10.9
Labour productivity (increase in %) 3.6 1.8 2.8 -3.9 3.2 0.7 0.5
Unemployment rate (avg., %) 2.9 2.2 2.0 2.6 2.8 2.3 3.0
Average nominal gross wage (increase in %) 6.7 8.1 7.9 4.6 4.8 6.5 8.0
Average nominal monthly gross wage ( CZK ) 29,638 32,051 34,578 36,176 37,903 40.353 43,595
Average nominal monthly gross wage ( USD ) 1,267 1,474 1,507 1,559 1,748 1,727 1,991
Average nominal monthly gross wage ( EUR ) 1,126 1,250 1,347 1,368 1,478 1,642 1,832
Exchange rate - CZK/USD (avg.) 23.39 21.74 22.94 23.20 21.68 23.36 21.90
Exchange rate - CZK/EUR (avg.) 26.33 25.65 25.67 26.44 25.65 24.57 23.80
Source: Macroeconomic Forecast of Ministry of Finance, 2023
Note: * = Forecast

Czechia is divided into 14 regions (Higher Territorial Self-governing Units), which came into being on 1 January 2000. The Basic Territorial Self-governing Unit is the municipality.

Most European destinations can be reached from Prague within a two-hour flight

Most European destinations can be reached from Prague within a two-hour flight Source: CzechInvest, 2023
We use cookies to ensure optimal functioning of our website. By continuing to browse the site, you are agreeing to our use of cookies. More information here
}