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The Economic Activity of Czech Republic

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This European country has rapidly developed through the years. One of the most and highly industrialized country, Czech Republic has gained a stable and flourishing economical advancements among the post-Communist states of Central and Eastern Europe. Resources of the Czech Republic have been abundant; with main industries include metallurgy, ceramics, pharmaceuticals, machinery and equipment, glass, and iron and steel production. Import and export goods comprise transport equipments, fuel, raw materials, and chemicals. Steel works and equipments have been a prominent economic part of the country. However, agricultural sector of the country includes wheat, potatoes, and sugarbeets.

The prosperous economical advantages of the Czech Republic offers well-developed infrastructures and factories suitable for producing goods, equipments, and other machinery-related products which are internationally appreciated. Czech Republic is a member of the European Union and the World Trade Organization. Located at the center part of the European continent, this country has enticed foreign investments. The trade policy of the Czech Republic is similar to that of the other members of the European Union; with high tariffs for agricultural and manufacturing products; and non-tariff barriers in agricultural and manufacturing subsidies, quotas, import restrictions, and services.

Tax rates in Czech Republic are relatively low. Taxes in the country include value-added tax (VAT), inheritance tax, and a real estate transfer tax. The country’s government has spent high for about 42.6% of GDP including its expenditures in telecommunications and petrochemicals refiner. The financial sector of the country is one of the most developing and advancing among the Central and Eastern Europe.