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Economy: Development and potential

The territory of the Czech Republic was one of the most economically developed parts of Europe at the beginning of the last century. It was the most industrial part of Austria-Hungary. After the establishment of an independent state in 1918, Czechoslovakia then ranked among the top twenty developed states in the world.

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  • Economy, business and science

    Agriculture in the Czech Republic

    Agriculture is an integral part of the Czech economy. Its importance lies not only in the production of foodstuffs and other agricultural products, but also in the preservation of countryside and an ecological approach to the environment.


  • Economy, business and science

    Economic history

    Let´s take a walk through the times and see how economic trends have changed in the Czech lands from the time of the Middle Ages through today.


  • Economy, business and science

    Service industry

    The accessibility and range of services in the Czech Republic has virtually reached the standards of the European Union. Services include support for tourism, and also services for businesspeople and students. The telecommunications, banking, accommodation and gastronomic markets have developed rapidly. Healthy competition has forced prices down and the rapid increase of quality has attracted many customers.


  • Economy, business and science

    Industry

    The Czech Republic has a long tradition especially in a heavy industry - in metallurgy and mechanical engineering related to the raw materials resources. The auto, rubber making, armament, energy and consumer goods industries are very important, as are traditional industries such as glass-making.

    The interest of foreign investors in Czech industry is also apparent. Some of the largest industrial investments include Volkswagen's investment in Mladá Boleslav's Škoda and the investment of Asian auto and electronics manufacturers. South Korea's Hyundai will begin production at its Nošovice factory in October 2008. Japan's IPS Alpha, a strategic partnership between Hitachi, Panasonic and Toshiba, has officially confirmed its plan to build a factory in the Czech Republic to build LCD displays, an investment valued at CZK 2.6 billion.



  • Economy, business and science

    Infrastructure

    The strategic position of the Czech Republic as Europe’s transportation hub came to the fore immediately after the Velvet Revolution in 1989. That year marked the beginning of the modernization and development of the country’s infrastructure in preparation for the Czech Republic’s entry into the European Union. The importance of the Czech Republic in the area of transportation is obvious and is expected to grow in the future.


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