TOURISM

  • 10th safest country according to the 2019 Global Peace Index by the Institute for Economics and Peace

The combination of a pleasant climate, diverse nature and plentiful cultural and historical monuments makes the Czech Republic one of the most popular tourist destinations in Europe. The Czech Republic boasts numerous well-preserved historical sights, many of which are open to the public. Many ancient towns are well preserved or exquisitely restored.

Outbound tourism

  • More than 60% of Czech residents travel abroad every year
  • 29% growth within last 5 years in average travel expenditures of Czech residents

Incoming tourism

  • Record number of 13.2 million incoming tourists to the Czech Republic in 2018 (source: Euromonitor International)
  • 70% of foreign tourists visit Prague

ECONOMY

Stable and Prosperous Economy

  • 2nd most competitive economy among new EU members according to the 2019 IMD World Competitiveness Yearbook
  • GDP growth rate above the European and EU rates (+3.0% in 2018)
  • AA- rating with a stable outlook (Standard & Poor's)
  • Number 12 in exports within the EU28 states (USD 192.4 billion in 2018)
  • Attractive destination for foreign investment
  • Open economy, considerably dependent on foreign trade
  • Lowest unemployment rate in the EU
  • Strong business and ownership relations to the EU
  • Trade balance with goods reached a surplus of 381,3 billion CZK in 2018
  • Strong export reliance on the manufacturing industry (58.1% share of machinery and transport equipment on total exports in 2018) and on exports to the EU28 (84.1% of total exports in 2018)
     

The Czech economy is growing at a higher rate than the EU average. It is a desirable place for investments and business activities. Unmistakable Czech beer, cars and excellent glass products are popular worldwide. The success of Czech science is also well-demonstrated, with many patented inventions and discoveries.

TOP investors in the Czech Republic in 2017 (source: CzechInvest)

  • Siemens AG (Germany)
  • Praha Vaccacines (India)
  • La Lorraine (Belgium)
  • OP papírna (Austria)
  • Škoda Auto (Czech Republic)

For several years now, the Czech Republic has been attracting the attention of investors the world over. The reasons for this are easy to see: a strong and growing economy, equitable and stable conditions, a qualified workforce and the low cost of doing business. Few other countries are currently able to offer a combination of such conditions. For that reason, the Czech Republic is showing consistent yearly growth of capital investments and a growing number of multinational, economically mature companies coming here to do business.
The Czech Republic has over the last two decades rapidly raised the country's standard of living, developed its service sector and concentrated on implementing important economic reforms. The country has also laid the groundwork for its continued development, particularly within the European economy.

Companies

Brands such as Škoda Plzeň (heavy engineering), Škoda Auto (cars), Tatra (trucks), Bohemia crystal, Budweiser (beer), Pilsner Urquell (beer), Jablonex (jewelry), Bohemian ruby (jewelry) and other products are well-known and traditional export articles.

TOP 10 companies in the Czech Republic (2017)

  • Škoda Auto
  • ČEZ
  • Agrofert
  • Energetický a průmyslový holding
  • Unipetrol
  • Foxconn CZ
  • Moravia Steel
  • Bosch Group ČR
  • Čepro
  • Mol Česká Republika