Central to economic development is foreign trade. The goods and services export ratio to GDP is at 80% and has been on the rise over the long term. Czech Republic’s key business partners include EU member states: Germany, Slovakia, Poland and France. 

The Czech economy has a reputation for modest yet steadfast GDP growth and sound fiscal policy. Like most markets during the COVID-19 pandemic, the country experienced supply chain disruptions and record output declines in 2020, from which the country has slowly regained ground, with a return to 2.5 percent growth in 2022. GDP growth in the Czech Republic decelerated to - 0.4 percent in 2023, due to elevated price pressures amid tight domestic financial conditions coupled by effects from Russia’s full-scale invasion of Ukraine. The Czech Republic’s unemployment rate is the lowest in the EU. The country has remained outside the Eurozone and maintains its own currency, the Czech crown.

The still relatively stable macroeconomic situation and the relatively low government debt have been reflected in positive ratings. Standard & Poor’s has given the Czech Republic’s long-term obligations in the local currency an ‘AA’ rating, Fitch Ratings an ‘AA-’ rating and Moody's an ‘Aa3’ rating. 

Attached below, you can find a report about doing business in the Czech Republic for the year 2023.

 

Main macroeconomic indicators are enclosed in the gallery below.