Of the emerging democracies in central and eastern Europe, Czechia has one of the most developed industrialized economies. It is one of the most stable and prosperous of the post-Communist states of Central and Eastern Europe. The Koruna (English translation Crown) is the currency used in the Czech Republic and Slovakia. ... For other uses of the initials WTO, see WTO (disambiguation). ... The Organization for Economic Co-operation and Development (OECD) is an international organization of those developed countries that accept the principles of representative democracy and a free market economy. ... Countries by nominal GDP. Source: IMF (2005) This article includes a list of countries of the world sorted by their gross domestic product (GDP), the value of all final goods and services produced within a nation in a given year. ... Map of countries by GDP (nominal) per capita. ... Map of world GDP (PPP) by country using the IMF and World Bank lists for 2004 There are three lists of countries of the world sorted by their gross domestic product (GDP), the value of all final goods and services produced within a nation in a given year. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Map of countries by GDP (PPP) per capita, based on the 2005 IMF data. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... An 1837 political cartoon about unemployment in the United States. ... Electric power is the amount of work done by an electric current in a unit time. ... For alternative meanings see metal (disambiguation). ... Chemical tanks in Lillebonne, France Chemical industry includes those industries involved in the production of petrochemicals, agrochemicals, pharmaceuticals, polymers, paints, oleochemicals etc. ... Coal (previously referred to as pitcoal or seacoal) is a fossil fuel extracted from the ground by underground mining or open-pit mining (surface mining). ... Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans. ... Glass can be made transparent and flat, or into other shapes and colours as shown in this ball from the Verrerie of Brehat in Brittany. ... The word drink is primarily a verb, meaning to ingest liquids, see Drinking. ... Taipei 101, the worlds tallest building, also a popular tourist destination in Asia, located in Taipei, Republic of China (Taiwan). ... Regions of Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. ... Current division of Europe into five (or more) regions: one definition of Eastern Europe is marked in orange Eastern Europe is an eastern region of Europe variably defined. ... Czechia is an official shorthand term for the Czech Republic. ...

The principal industries are heavy and general machine-building, iron and steel production, metalworking, chemical production, electronics, transportation equipment, textiles, glass, brewing, china, ceramics, and pharmaceuticals. It's main agricultural products are sugarbeets, fodder roots, potatoes, wheat, and hops. General Name, Symbol, Number iron, Fe, 26 Chemical series transition metals Group, Period, Block 8, 4, d Appearance lustrous metallic with a grayish tinge Atomic mass 55. ... The old steel cable of a colliery winding tower Steel is a metal alloy whose major component is iron, with carbon being the primary alloying material. ... Chemistry (derived from alchemy) is the science of matter at or near the atomic scale. ... The field of electronics is the study and use of systems that operate by controlling the flow of electrons (or other charge carriers) in devices such as thermionic valves and semiconductors. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Glass can be made transparent and flat, or into other shapes and colours as shown in this ball from the Verrerie of Brehat in Brittany. ... Fixed Partial Denture, or Bridge The word ceramic is derived from the Greek word κεραμικος (keramikos, having to do with pottery). The term covers inorganic non-metallic materials whose formation is due to the action of heat. ... Pharmacology (in Greek: pharmacon is drug, and logos is science) is the study of how chemical substances interfere with living systems. ... Two sugar beets - the one on the left has been cultivated to be smoother than the traditional beet, so that it traps less soil. ... Binomial name Solanum tuberosum L. The potato (Solanum tuberosum) is a perennial plant of the Solanaceae, or nightshade, family, commonly grown for its starchy tuber. ... Species T. boeoticum T. compactum T. dicoccoides T. dicoccon T. durum T. monococcum T. spelta T. sphaerococcum References:   ITIS 42236 2002-09-22 Wheat (Triticum spp. ... Hop umbel in a Hallertau hopgarden Hops are a flavouring and stability agent in beer. ...

History

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Its strong industrial tradition dates to the 19th century, when Bohemia and Moravia were the economic heartland of the Austro-Hungarian Empire. Today, this heritage is both an asset and a liability. Czechia has a well-educated population and a well-developed infrastructure, but its industrial plants and much of its industrial equipment are obsolete. Image File history File links Circle-question. ... Alternative meaning: Nineteenth Century (periodical) (18th century — 19th century — 20th century — more centuries) As a means of recording the passage of time, the 19th century was that century which lasted from 1801-1900 in the sense of the Gregorian calendar. ... Bohemia. ... Moravia in relation to the current kraje of the Czech Republic Moravia (Czech and Slovak: Morava, German: ( ), Hungarian: Morvaország, Polish: Morawy) is a historical region in the east of the Czech Republic. ... Official languages Latin, German, Hungarian Established church Roman Catholic Capital & Largest City Vienna pop. ... In business and accounting an asset is anything owned which can produce future economic benefit, whether in possession or by right to take possession, by a person or a group acting together, e. ... In the most general sense, a liability is anything that is a hindrance, or puts one at a disadvantage. ... Czechia is an official shorthand term for the Czech Republic. ...

According to the Stalinist development policy of planned interdependence, all the economies of the socialist countries were linked tightly with that of the Soviet Union. With the disintegration of the communist economic alliance in 1991, Czech manufacturers lost their traditional markets among former communist countries to the east. Iosif (usually anglicized as Joseph) Vissarionovich Stalin (Russian: Иосиф Виссарионович Сталин), original name Ioseb Jughashvili (Georgian: იოსებ ჯუღაშვილი; see Other names section) (December 21, 1879[1] – March 5, 1953) was a Bolshevik revolutionary and leader of the Soviet Union. ... Socialism is a social and economic system (or the political philosophy advocating such a system) in which the economic means of production are owned and controlled collectively by the people. ... 1991 (MCMXCI) was a common year starting on Tuesday of the Gregorian calendar. ...

1990-1995

The "Velvet Revolution" in 1989 offered a chance for profound and sustained economic reform. Signs of economic resurgence began to appear in the wake of the shock therapy that the International Monetary Fund (IMF) labelled the "big bang" of January 1991. Since then, astute economic management has led to the liberalization of 95% of all price controls, annual inflation in the 10% range, modest budget deficits, low unemployment, a positive balance of payments position, a stable exchange rate, a shift of exports from former communist economic bloc markets to Western Europe, and relatively low foreign debt. Non-violent protesters are fighting with flowers against armored policemen The Velvet Revolution (Czech: sametová revoluce, Slovak: nežná revolúcia) (November 16 – December 29, 1989) refers to a bloodless revolution in Czechoslovakia that saw the overthrow of the communist government there. ... 1989 (MCMLXXXIX) was a common year starting on Sunday of the Gregorian calendar. ... The logo of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ... A budget deficit occurs when an entity (often a government) spends more money than it takes in. ... An 1837 political cartoon about unemployment in the United States. ... The balance of payments is a measure of the payments that flow from one exports and imports of goods, services, and financial capital, as well financial transfers. ... A map of the Eastern Bloc. ... A common understanding of Western Europe in modern times. ... ). External debt is the part of a countrys debt owed to creditors outside the country. ...

Particularly impressive have been Czechia's strict fiscal policies. Following a series of currency devaluations, the crown has remained stable in relation to the U.S. dollar. The Czech crown became fully convertible for most business purposes in late 1995. Czechia is an official shorthand term for the Czech Republic. ... Fiscal policy is the economic term which describes the actions of a government in setting the level of public expenditure and how that expenditure is funded. ... Devaluation is a reduction in the value of a currency. ... The koruna is the name of several European currencies and former currencies: Czech koruna Slovak koruna Austro-Hungarian krone (localized as koruna in Czech/Slovak) Bohemian and Moravian koruna Czechoslovak koruna Slovak koruna (WWII) The word koruna means crown in English. ... This article is about general United States currency. ... Convertibility is the quality of money which is officially backed by government reserves of a precious metal, probably the gold standard. ... 1995 (MCMXCV) was a common year starting on Sunday of the Gregorian calendar. ...

In addition, the government has revamped the legal and administrative structure governing investment in order to stimulate the economy and attract foreign partners. Shifting emphasis from the East to the West has necessitated restructuring existing facilities in banking and telecommunications as well as adjusting commercial laws and practices to fit Western standards. Czechia has made progress toward creating a stable investment climate. Investment or investing is a term with several closely-related meanings in finance and economics, related to saving or deferring consumption. ... Czechia is an official shorthand term for the Czech Republic. ...

This success has enabled the Czech Republic to become the first post-communist country to receive an investment-grade credit rating by international credit institutions. Successive Czech governments have welcomed U.S. investment, in particular, as a counter-balance to the strong economic influence of Western Europe, especially of their powerful neighbour, Germany. Although foreign direct investment (FDI) runs in uneven cycles, with a 12.9% share of total FDI between 1990 and March 1998, the U.S. was the third-largest foreign investor in the Czech economy, behind Germany and the Netherlands. The United States of America — also referred to as the United States, the U.S.A., the U.S., America, the States, or (archaically) Columbia—is a federal republic of 50 states located primarily in central North America (with the exception of two states: Alaska and Hawaii). ... Foreign direct investment (FDI) is the movement of capital across national frontiers in a manner that grants the investor control over the acquired asset. ...

The republic boasts a flourishing consumer production sector and has privatized most state-owned heavy industries through the voucher privatization system. Under the system, every citizen was given the opportunity to buy, for a moderate price, a book of vouchers that represents potential shares in any state-owned company. The voucher holders could then invest their vouchers, infusing the chosen company with valuable capital. State ownership of businesses was estimated to be about 97% under communism. In 1998, more than 80% of enterprises are in private hands. When the voucher privatization process is complete, Czechs will own shares of each of the Czech companies, making them one of the highest per capita share owners in the world. Privatization through restitution of real estate to the former owners was largely completed in 1992. Privatization (sometimes privatisation, denationalization, or, especially in India, disinvestment) is the process of transferring property from public ownership to private ownership and/or transferring the management of a service or activity from the government to the private sector. ... The voucher privatization is a privatization method where the citizens get or can inexpensively buy a book of vouchers that represent potential shares in any state-owned company. ... This article is about communism as a form of society and as a political movement. ... 1998 (MCMXCVIII) was a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ...

1995-2000

Czechia's economic transformation is far from complete. A recession in 1998 revealed that the government still faces serious challenges in completing industrial restructuring, increasing transparency in capital market transactions, fully privatizing the banking sector, transforming the housing sector, privatizing the health care system, and solving serious environmental problems. Czechia is an official shorthand term for the Czech Republic. ... In the physical sciences, specifically in optics, a transparent physical object is one that can be seen through. ... The capital market (securities markets)is the market for securities, where companies and the government can raise long-term funds. ... Privatization (sometimes privatisation, denationalization, or, especially in India, disinvestment) is the process of transferring property from public ownership to private ownership and/or transferring the management of a service or activity from the government to the private sector. ... For other uses, see Bank (disambiguation). ... Houses in Fishpool Street, St Albans, England For other meanings of the word house, see House (disambiguation). ... Health care or healthcare is the prevention, treatment, and management of illness and the preservation of mental and physical well-being through the services offered by the medical, nursing, and allied health professions [1]. The organised provision of such services may constitute a healthcare system. ...

Political and financial crises in 1997 shattered Czechia's image as one of the most stable and prosperous of post-Communist states. Delays in enterprise restructuring and failure to develop a well-functioning capital market played major roles in Czech economic troubles, which culminated in a currency crisis in May. The currency was forced out of its fluctuation band as investors worried that the current account deficit, which reached nearly 8% of GDP in 1996, would become unsustainable. After expending $3 billion (3 G$) in vain to support the currency, the central bank let it float. The growing current account imbalance reflected a surge in domestic demand and poor export performance, as wage increases outpaced productivity. The government was forced to introduce two austerity packages later in the spring (called vernacularly "The Packages"), which cut government spending by 2.5% of gross domestic product. Growth dropped to 0.3% in 1997, -2.3% in 1998, and -0.5% in 1999. The basic transition problem continues to be too much direct and indirect government influence on the privatized economy. The government established a restructuring agency in 1999 and launched a revitalization program - to spur the sale of firms to foreign companies. Key priorities include accelerating legislative convergence with EU norms, restructuring enterprises, and privatizing banks and utilities. The economy, fuelled by increased export growth and investment, is expected to recover in 2000. 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ... Czechia is an official shorthand term for the Czech Republic. ... 1996 (MCMXCVI) was a leap year starting on Monday of the Gregorian calendar, and was designated the International Year for the Eradication of Poverty. ... The word billion and its equivalents in other languages refer to either one million million or one thousand million, depending on whether the writer is using the long scale or the short scale. ... Austerity is a term from economics that describes a policy where nations reduce living standards, curtail development projects, and generally shift the revenue stream out of the physical economy, in order to satisfy the demands of creditors. ... A regions gross domestic product, or GDP, is one of several measures of the size of its economy. ...

2000-2005

Growth in 2000-05 was supported by exports to the EU, primarily to Germany, and a strong recovery of foreign and domestic investment. Domestic demand is playing an ever more important role in underpinning growth as interest rates drop and the availability of credit cards and mortgages increases. Current account deficits of around 5% of GDP are beginning to decline as demand for Czech products in the European Union increases. Inflation is under control. Recent accession to the EU gives further impetus and direction to structural reform. In early 2004 the government passed increases in the Value Added Tax (VAT) and tightened eligibility for social benefits with the intention to bring the public finance gap down to 4% of GDP by 2006, but more difficult pension and healthcare reforms will have to wait until after the next elections. Privatization of the state-owned telecommunications firm Cesky Telecom took place in 2005. Intensified restructuring among large enterprises, improvements in the financial sector, and effective use of available EU funds should strengthen output growth.

Energy

Czechia is reducing its dependence on highly polluting low-grade brown coal as a source of energy. Nuclear energy presently provides about 30 % of total power needs, and its share is projected to increase to 40%. Norway (via pipelines through Germany) and Russia also supply the Czech Republic with liquid and natural gas. Czechia is an official shorthand term for the Czech Republic. ... Coal Coal is a fossil fuel extracted from the ground by mining. ... Nuclear energy is energy released from the atomic nucleus. ... Many stoves use natural gas. ...

Statistical indicators

From the CIA World Factbook 2006 World Factbook 2004 cover The World Factbook is an annual publication by the Central Intelligence Agency of the United States with basic almanac-style information about the various countries of the world. ...

Household income or consumption by percentage share: (1996)

• lowest 10%: 4.3%
• highest 10%: 22.4%

Industrial production growth rate: 11% (2004)

Electricity - production: 78.18 GWh (2003)

Electricity - production by source:

• fossil fuel: 75.54%
• hydro: 2.55%
• nuclear: 20.37%
• other: 1.54% (1998)

Electricity - consumption: 56.5 GWh (2003)

Electricity - exports: 26.3 GWh (2003)

Electricity - imports: 10.1 GWh (2003)

Oil - production: 12,380 bbl/day (2003)

Oil - consumption: 185,200 bbl/day (2003 est.)

Oil - exports: 26,670 bbl/day (2001)

Oil - imports: 192,300 bbl/day (2001)

Oil - proved reserves: 17.25 million bbl (1 January 2002)

Natural gas - production: 133 million m³ (2003 est.)

Natural gas - consumption: 9.623 billion m³ (2003 est.)

Natural gas - exports: 1 million m³ (2001 est.)

Natural gas - imports: 9.521 billion m³ (2001 est.)

Natural gas - proved reserves: 3.964 billion m³ (1 January 2002)

Natural resources: coal, timber, lignite, uranium, magnesite.

Agriculture - products: wheat, rye, oats, corn, barley, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry, horses; forest products

Exports - commodities: machinery and transport equipment 52%, chemicals 5%, raw materials and fuel 9% (2003)

Imports - commodities: machinery and transport equipment 46%, raw materials and fuels 15%, chemicals 10% (2003)

Exchange rates: koruny (Kč) per US$1 - 23.957 (2005), 25.7 (2004), 28.2 (2003), 32.7 (2002), 38.0 (2001), 38.6 (2001), 34.6 (1999), 32.3 (1998), 31.7 (1997), 27.1 (1996), 26.5 (1995)

See also

• Prague Stock Exchange
• Economy of Europe

The Prague Stock Exchange or PSE (Czech: or BCPP) is the main securities market organiser in the Czech Republic and currently (as of September 2005) the second biggest stock exchange in Central and Eastern Europe. ... The economy of Europe is comprised of more than 665 million people in 48 different states. ...

External links

• OECD Economic Survey of the Czech Republic
• OECD's Czech Republic country Web site
• CIA - The World Factbook -- Czech Republic
• Current economic data

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