Czechia is considered to be a developed country with a social market economy. The economy is export-oriented and based on a strong blend of services, manufacturing, and innovation. As a result, Czechia is able to maintain itself as a high-income welfare state based on the European social model.
Czechia uses its own currency, the Czech koruna.
Czechia participates in the European Single Market as a member of the EU. It also has one of the lowest unemployment rates in the EU.
The Czech industrial sector accounts for 37% of its economy, while services account for 61% and agriculture 2%.
The principal industries are high tech engineering, electronics and machine-building, steel production, transportation equipment (automotive, rail and aerospace industry), chemicals, advanced materials, and pharmaceuticals. The major services are research and development, ICT and software development, nanotechnology, and the life sciences. Its main agricultural products are cereals, vegetable oils, and hops.