Accountancy in the Czech Republic

Country overview

The Czech Republic is a fully fledged parliamentary democracy and one of the most advanced among the countries of CEE. The Czech Republic (“CR”) covers approximately 79,000 km2 and its climate is mild and temperate. The CR lies in the centre of Europe and borders Germany, Austria, Slovakia and Poland. The national language is Czech.

The CR is part of the European Union (EU), which is comprised of 28 Member States. In common with a number of other EU Members, it has not joined the “Eurozone” in which a common currency, the Euro (€) is used. The currency in the CR remains the Czech koruna (CZK).

The population of the CR is 10.6 million people.

Economic overview

Compared to its regional peers, the Czech

Republic is doing fairly well in terms of GDP per capita, competitiveness and the inflow of foreign direct investment.

The education system yields a highlyskilled workforce with a capacity for innovation. Foreign investors are attracted by investment incentives, cost competitiveness, financial stability and the availability of financing, quality of life and social stability.

The CR is known for its attractive investment climate, in particular for its safe investment environment, skilled and well-educated workforce, favourable labour costs, price stability, central location in Europe, dense and high-quality infrastructure, transparent system of investment incentives, strong focus on R&D, large number of suppliers, high quality of life, stable social and political system, and mentality, culture and attitudes similar to those of western countries. The country’s investment grade ratings from international credit-rating agencies and its early membership in the OECD testify to its positive economic fundamentals.

The CR does not impose exchange controls and has a free market economy with few restrictions.

Transport infrastructure

The CR has a strong transport infrastructure with a relatively large motorway network for road transport between key commercial centres; there is also a very extensive rail network. This modern and reliable infrastructure is complemented by its position in the heart of Europe.


Latest version updated 25th October 2017

Country Breakdown

10.56

Million

Population

K?

Czech Koruna

Currency

$ 192.9

Billion

GDP

78,866

km2