Czech Republic Economy

Our property services in the Czech Republic From our head office in Prague we deliver a full range of property services, from rentals and property management to resales. Our property services cover the main cities in the Czech Republic such as Prague, Brno and Ostrava. Contact us to find out more about our Czech property services.

The economy of the Czech Republic has been and still is one of the star performers in Europe. Huge levels of Foreign Direct Investment (FDI) have been attracted to the Czech Republic by the country's prominent position in the heart of Europe, falling tax levels, good infrastructure and well educated and hard working population.

The Czech Republic joined the EU in May 2004 which has only helped to stabilise the future prospects of the country and attract investment on top of the many billions of CZK they have received in EU aid.

In a recent survey Prague was the easiest European capital city in which to get a job and continually ranks highly as a desirable place to business.

Czech business is booming and companies from a host of industries again in 2007 reported record profits. GDP growth is expected to be above 5% again in 2008. The current account deficit is less than 3% of GDP and the Czech Korunna has appreciated by more than 25% against the pound in the last year.

The population of the Czech Republic is around 10.2 million people, which is growing slightly due to a baby boom and an increase in the number of foreigners moving to the Czech Republic.

Unemployment in the Czech Republic is less than 5% and in Prague less than 2%, these rates have been falling over the last few years. Wage growth is a healthy but still manageable 4.5% on average, though some sectors such as IT and construction wage growth is even higher due to a shortage of workers - and the Czech Republic has more IT professionals than any other recent EU entrant.

FDI is still a huge driver to the economy (though domestic demand and consumption is rising rapidly) and the country still attracts one of the highest levels of FDI per capita in the world (along with Slovakia).

It should not be forgotten the beauty of Czech Republic (and especially Prague) is a huge draw for tourists. Around 7 million people visited the country last year and Prague is the sixth most visited city in Europe. These large number of tourists bring in a substantial amounts of money and support jobs within the tourist industry.