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Czech koruna (CZK)
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Importing a standard container of goods into Czech Republic requires:
The Czech Republic is a developed, high-income country. Growth has been led by exports to the European Union, especially Germany, and foreign investment, while domestic demand is reviving. Most of the economy has been privatised, including the banks and telecommunications. The country is part of the Schengen Area, having abolished border controls, completely opening its borders with all of its neighbours, Germany, Austria, Poland and Slovakia. Although the country is economically better positioned than other EU Members to adopt the euro, the change is not expected before 2019.
|Export of goods and services||4.7||0.4||5.4|
|Import of goods and services||2.5||0.7||5.7|
|Short-term interest rates (%)||1.0||0.5||1.2|
|Exchange rate (per £)||30.89||29.12||30.41|
|Unit labour cost||-3.5||-0.4||-0.8|
|Source: Oxford Economics|
The Czech economy grew by a surprisingly strong 1.6% in Q4 2013. The statistical office indicated that investment was the main driver of growth. After a long period of retrenchment, Czech firms have started to raise their investment in the light of an improving external background, reflecting both rising foreign demand and a weakening exchange rate. GDP is expected to grow at a solid pace through 2014, reflecting both gradually rising domestic and external demand.
A pick-up in activity in the country’s main trading partners should lead to a rise in exports in 2014. The largest trade partners for the Czech Republic include Germany, Poland, France and the UK. To ensure economic growth, Czech Republic needs to expand widely its foreign trade, not only in the EU but also in the rest of the world. Czech Republic’s exports to Asia were at almost constant rates, around 3 to 4% of total exports. Czech Republic’s trade structure has transformed, with trading with Asia becoming more prominent.
Auto industry – largest industry, with 80% of cars which are exported.
Need for diversifying away from manufacturing and towards high-tech.
Favourable labour costs and price stability. Foreign investment incentives.
Rapidly ageing population. Sensitive to changes in the economic performance of its main export markets.
Czech Republic offers UK businesses a sophisticated market where English is widely spoken and where British products are well received. Czech Republic is located at the heart of Europe offering very good links to neighbouring markets. The country’s well-developed infrastructure, and skilled labour force attracts strong flows of foreign direct investment. Opportunities for UK businesses lie in numerous sectors including: food & drink, consumer goods, retail, science & technology, education & training and advanced engineering.
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