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CZECH REPUBLIC 

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Overview

Capital city: Prague
Surface area: 79,000 sq km
Population: 10.3 million
Official language: Czech

The Czech Republic's principal export destinations:
Germany, Slovakia, Poland

The Czech Republic's principal import sources:
Germany, China, Russian Federation

Economic Climate

The Czech economy has been undergoing major privatisation and reconstruction since 1990. Currently the economy is stable and growing.

Key economic indicators and statistics for 2007:

GDP US$168.1 billion
GDP per capita US$16,372
Real GDP growth 5.6 %
Inflation rate 2.9 %

Political Climate

The Czech Republic is a democratic country, founded after the former Czechoslovakia was divided into two separate countries in 1993 with a stable political and social situation. The Czech Republic became a full member of NATO in 1999.

The Parliament of the Czech Republic is bicameral consisting of the House of Representatives and the Senate with President as its head. The strongest political parties are Civic Democratic Party, Social Democrats, Christian Democrats/People’s Party, Green Party, Communist Party.

Trade Relations

The Czech Republic became a full member of the European Union in May 2004. The country is a member of the Organisation for Economic Cooperation and Development (OECD) and European Bank for Reconstruction and Development (EBRD).

Due to its geographical position in the centre of Europe and its historical heritage, it has strong ties with other central European countries such as Slovakia, Poland and Hungary.

Under communist rule (1948–1989), the country was oriented East and was a satellite of the Soviet Union. After the revolution and change of political climate in 1989 it adopted a Western economic and political philosophy.

Although the Czech Republic is not a major trading partner, it offers potential as a destination for investment. The Czechs are particularly interested in the investment in high technology and industrial services.

 

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