The Czech Republic was formed on January 1 in 1993, after Czechoslovakia dissolved with its component countries becoming the independent states that we know today as the Czech Republic and Slovakia. The Czech Republic is a parliamentary republic, and is divided into 13 regions and the capital city of Prague. The state also ranked highly on the global peace index, making it one of the most peaceful countries on earth.
The country has a stable market economy and saw a growth rate of about 4.3 percent in 2017. This is especially remarkable considering the negative growth recorded in the years prior. As a result of the steady growth, the country has some of the lowest unemployment and youth unemployment rates among the member states of the European Union. The industry sector, mainly consisting of the auto industry, accounts for roughly 38 percent of the country’s GDP, while the services sector and the agriculture industry account for about 60 percent and 2.5 percent of the state’s GDP, respectively.
In 2017, the Czech Republic exported goods worth about 180 billion U.S. dollars, and imported goods worth approximately 162 billion U.S. dollars, putting its trade balance firmly in the black. The most important export and import partner is Germany, accounting for roughly one third of the country’s exports and imports.