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• GDP: US$230 billion (2007).
• Main exports: Machinery and transport equipment, chemicals and raw materials.
• Main imports: Machinery and transport equipment, raw materials, fuels and chemicals.
• Main trade partners: Germany, Netherlands, Slovak Republic, Poland and Russia.
• Main exports: Machinery and transport equipment, chemicals and raw materials.
• Main imports: Machinery and transport equipment, raw materials, fuels and chemicals.
• Main trade partners: Germany, Netherlands, Slovak Republic, Poland and Russia.
Economy
Years of stringent state control and public ownership during Soviet times took its toll on the economy of the former Czechoslovakia, and caused the economy of the new Czech Republic to flounder and fall into recession in 1998. Less than a decade later the country is reaping the benefits of an aggressive reform policy, which included a programme of mass privatisation (the majority of economic input is now in private hands) and a major overhaul of the country's financial system.
The Czech Republic's membership of the IMF, World Bank, the European Bank for Reconstruction and Development and, of course, the European Union, has given the economy a further boost, with the country strengthening trading relationships within the EU. No longer does it rely on trade with Russia - instead Germany is its biggest export and import partner.
The last five years have also seen significant foreign investment in the Czech Republic. As a result GDP has recorded healthy annual growth in recent years: 6.4% in 2006 and 6.6% in 2007. Unemployment stands at 4.7% (2008), and inflation 7.1% (2008).
The Czech Republic's membership of the IMF, World Bank, the European Bank for Reconstruction and Development and, of course, the European Union, has given the economy a further boost, with the country strengthening trading relationships within the EU. No longer does it rely on trade with Russia - instead Germany is its biggest export and import partner.
The last five years have also seen significant foreign investment in the Czech Republic. As a result GDP has recorded healthy annual growth in recent years: 6.4% in 2006 and 6.6% in 2007. Unemployment stands at 4.7% (2008), and inflation 7.1% (2008).
Business Etiquette
Businessmen wear suits. English is widely spoken, particularly amongst the younger generation, but it is a good idea to check if an interpreter will be needed in advance. Long business lunches are usual. Avoid visits during July and August as many businesses close for holidays.
Office hours: Mon-Fri 0800-1700.
Office hours: Mon-Fri 0800-1700.
Conferences & Conventions
Prague is the country's main conference venue with a dedicated Congress Centre and a host of higher-grade hotels with meeting facilities. There are also facilities in many hotels throughout the country. Trade fairs are held in Brno.
Business Contacts
Economic Chamber of the Czech Republic
Freyova 27, 190 00 Prague 9, Czech Republic
Tel: 2966 46112.
Website: www.komora.cz
Trade Fairs Brno
Vystaviste 1, 647 00 Brno, Czech Republic
Tel: 5411 51111.
Website: www.bvv.cz
Prague Convention Bureau
Rytirska 26, 110 00 Prague 1, Czech Republic
Tel: 2242 35159.
Website: www.pragueconvention.cz
Freyova 27, 190 00 Prague 9, Czech Republic
Tel: 2966 46112.
Website: www.komora.cz
Trade Fairs Brno
Vystaviste 1, 647 00 Brno, Czech Republic
Tel: 5411 51111.
Website: www.bvv.cz
Prague Convention Bureau
Rytirska 26, 110 00 Prague 1, Czech Republic
Tel: 2242 35159.
Website: www.pragueconvention.cz