Czech Economy

Working abroad sounds like an adventure to many people. However, job search in the Czech Republic requires more than just the obvious Czech CV writing and translation, it requires thorough preparation. You will face problems that probably did not even come to your mind when you made a decision to get an overseas employment.

Do not take too lightly the influence a job in the Czech Republic can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

art_warning Czech EconomyMost visits to the Czech Republic are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

Czech economy - overview: One of the most stable and prosperous of the post-Communist states, the Czech Republic has been recovering from recession since mid-1999. Growth in 2000-07 was supported by exports to the EU, primarily to Germany, and a near doubling of foreign direct 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.

Negotiations on pension and additional healthcare reforms are continuing without clear prospects for agreement and implementation. Intensified restructuring among large enterprises, improvements in the financial sector, and effective use of available EU funds should strengthen output growth.

When Western Europe and Germany fell into recession in late 2008, demand for Czech goods plunged, leading to double digit drops in industrial production and exports. As a result, real GDP fell 4.7% in 2009 and has slowly recovered with positive quarter-on-quarter growth starting in the second half of 2009 and continuing throughout 2011. The auto industry remains the largest single industry accounts for nearly 24% of Czech manufacturing. The Czech Republic produced more than a million cars for the first time in 2010, over 80% of which were exported.

Foreign and domestic businesses alike voice concerns about corruption especially in public procurement. Other long term challenges include dealing with a rapidly aging population, funding an unsustainable pension and health care system, and diversifying away from manufacturing and toward a more high-tech, services-based, knowledge economy.

Labor force - by occupation: agriculture: 4.1%, industry: 37.6%, services: 58.3% (2003)

Unemployment rate: 6.6% (2007 est.), 8.5% (2011 est.)

Natural resources: hard coal, soft coal, kaolin, clay, graphite, timber

Industries: metallurgy, machinery and equipment, motor vehicles, glass, armaments

CzechCurrency Czech EconomyCurrency: Czech Koruna (CZK, symbol Kč) or Crown = 100 haler. Notes are in denominations of 5,000, 2,000, 1,000, 500, 200, 100 and 50Kč. Coins are in denominations of 50, 20, 10, 5, 2 and 1Kč, and 50 haler.

Credit/Debit Cards and ATMs: Major cards such as American Express, Diners Club, Discover, Visa, MasterCard and others may be used to exchange currency and are also accepted in some hotels, restaurants and shops, and in ATMs.

Traveller's Cheques: these are accepted in banks, but only rarely in hotels and almost never in restaurants. To avoid additional exchange rate charges, travellers are advised to take traveller's cheques in US Dollars, Euros or Pounds Sterling.

Exchange rates:Koruny (CZK) per US dollar - 17.25 (2011 est.), 19.098 (2010 est.), 19.063 (2009), 17.064 (2008), 20.53 (2007), 22.596 (2006), 23.957 (2005), 25.7 (2004), 28.209 (2003)

Inflation rate (consumer prices): 2.9% (2007 est.), 1.9% (2011 est.)

Other Czech Economy Info

We hope that your Czech job search has been successful and you will get Czech visa too. So, if your Czech cover letter and Czech CV are ready, you may distribute them to your future employers or job recruiters and start preparing for a Czech job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Czech economy info!

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