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Czech
The Czech Republic is a democratic country situated approximately
in the heart of Central Europe. It is a landlocked country 326 km
from the Baltic and 322 km from the Adriatic sea. It shares borders
with Germany, Poland, Austria and Slovakia.
The divide between the two principal mountain systems in Europe -
the Hercynian and Alpine-Himalayan - runs through the Czech
territory.
Fact sheet:
Country Name |
Czech
republic |
Location |
Central Europe |
Territory |
78,865 km2 |
Population |
10,31
million |
Unemployment |
7,1
% (Q3 2006) |
GDP
growth |
6,0 %
(2005) |
Average gross monthly
salary |
639
EUR (2005) |
Social
security paid by employer |
35,0% |
Capital City |
Prague |
Full
member
of the EU |
since 1st of May 2004 |
Currency: |
Czech
Koruna (CZK)
average yearly exchange rates for 2005
1 USD = 23,947 CZK 1 EUR = 29,784 |
International Telephone
Calling Code: |
+ 42 |
Electricity: |
230V, 50 Hz |
Time
zone |
Central European Time (GMT - 1, GMT -2) |
Climate |
Mild
continental; temperate, a mixture of oceanic and
continental, the average winter temperature is 5 degrees
C, the average summer temperature is 20 degrees C |
Economy:
GDP growth in Czech economy increased by 4,3%
in 2004 and in 2005 increased by 6,1%. The trend of acceleration in
the growth dynamics existed also during the year. In fourth quarter
of 2005 was growth of 6,9%. Growth has been driven by investment and
also by export growth.
Faster growth in exports, when compared with
imports, became more pronounced in the development of foreign trade.
Export in constant prices increased by 11,1% and imports by 4.8%.
Export in 2005 was 78,21 billion USD and import was 76,53 billion
USD.
The inflation rate reached 1,9% in December
2005 and confirmed low inflation environment existing in the domestic economy
and had a better result then in other EU countries.
Investment:
The Czech Republic is one of the most advanced transition
economies and one of ten new members joining the European Union on 1
May 2004. Economic policy is consistent and predictable. A strong
and independent Central Bank (Czech National Bank) has maintained an
extraordinary degree of currency stability since 1991.
EU legislation has been adopted. Commercial, accounting and
bankruptcy laws are compatible with Western standards. The Czech
koruna is fully convertible. All international transfers (e.g.
profits and royalties) related to an investment can be carried out
freely and without delay.
Unemployment has stabilized at around 10% and is expected to
remain at that level throughout 2003 and 2004. The economically
active population continues to grow. The official working age is
15-57 years for women and 15-60 years for men.
No limitations exist concerning the distribution and expatriation
of profits by Czech subsidiaries to their foreign parent companies,
other than the obligation of joint stock and limited liability
companies to generate a mandatory reserve fund and pay withholding
taxes.
Any company registered in the Czech Republic may acquire real
estate without any limitations. Any purchase or transfer of real
estate must be registered with the relevant Land Register. The real
estate transfer tax is 3 % of the selling price or the officially
assessed value, whichever is greater, and is paid by the seller.
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