Maps and Exploration
Economy of the Czech Republic
The Czech Republic has a developed export-oriented social market economy. It is based in services, manufacturing, and innovation that maintains a high-income welfare state and the European social model. The Czech Republic participates in the European Single Market as a member of the European Union, and is therefore a part of the economy of the European Union. It uses its own currency, the Czech koruna, instead of the euro. It is a member of the Organisation for Economic Co-operation and Development (OECD). The Czech Republic ranks 16th in inequality-adjusted human development and 24th in World Bank Human Capital Index, ahead of countries such as the United States, the United Kingdom or France. The Czech Republic ranks 7th – 10th among the world’s most diversified economies in the Economic Complexity Index. The industry sector accounts for 37% of the economy, while services account for 61% and agriculture for 2%. The principal industries are high tech engineering, electronics and machine-building, steel production, transportation equipment (automotive, rail and aerospace industry), chemicals, advanced materials and pharmaceuticals. The major services are research and development, ICT and software development, nanotechnology and life sciences. Its main agricultural products are cereals, vegetable oils and hops. As of 2023, the Czech GDP per capita at purchasing power parity is $50,961 and 698,706 Czech crowns ($31,368) at nominal value. As of September 2021, the unemployment rate in the Czech Republic was the lowest in the EU at 2.6%, and the poverty rate is the second lowest of OECD members, following Denmark. The Czech Republic ranks 21st in the Index of Economic Freedom (ranked behind Chile), 32nd in the Global Innovation Index (ranked behind Portugal), 32nd in the Global Competitiveness Report, 41st in the ease of doing business index and 25th in the Global Enabling Trade Report (ranked behind Canada). The largest trading partner for both export and import is Germany, followed by other members of the EU. The Czech Republic has a highly diverse economy that ranks 7th in the 2019 Economic Complexity Index.
Also on this shelf
Gould House (Skowhegan, Maine).
Cerro de Punta.
See also
Uncatalogued shelfText from Wikipedia; plate via Wikimedia Commons. Text CC BY-SA 4.0; plate freely licensed (see Commons). Source record. Images and catalogue data are reproduced from open-access collections.