Czech Republic

The Czech Republic is located in the centre of Europe, bordering Germany, Austria, Poland and Slovakia. The population is 10.5 million, of which 1.2 million live in the capital, Prague. The population is expected to reach 10.8 million by 2030, with the proportion of people over 65 expected to increase from 22% to 34% over the same period. Czech is the official language, spoken by 95% of the population. 25% of the population are Catholic, although the majority of the population hold no religion. The Czech Koruna (CSK) is the official currency, worth approximately €0.04. The standard VAT rate is 20%.

The Czech Republic has a GDP per capita of €14,200, compared to the EU average of €24,400 in 2010. According to the OECD, the Czech economy grew by 2.1% in 2011, and is expected to grow by 1.6% in 2012 and 3.0% in 2013 (compared to the Eurozone average of 1.6%, 0.2% and 1.4% respectively). The inflation rate was 2.8% in 2011, compared to 3% in the EU. The unemployment rate was 6.7%, compared to 9.8% in the EU as a whole in 2011.

For Czechs, family is central to life. They are generally quite practical and forward thinking, but sometimes reserved. In business, making appointments and punctuality are essential. Dealings in meetings are formal and Czechs can sometimes appear indirect, not wishing to offend or say no. Business tends to be conducted slowly and make take several meetings before reaching a conclusion. Business also tends to be hierarchical, with decision-making usually coming from the top of the company.