The economic structure of the Czech Republic is very broad based and diverse. Until 1938, the Czech Republic was one of the fastest developing and highest growth reporting countries in the region, however the following political uncertainty and disputes caused the country to face declining economic condition.
The strength of the Czech Republic was in its engineering industry, however the industry suffered from skewed investment due to the centralized planning and communist government. This resulted in ‘leaving a legacy of excess industrial capacity and underdeveloped services. The market transition has corrected this distortion; the economic significance of industry has declines rapidly. In 2006, industrial production accounted for 28.5 percent of the GDP (at current prices), compared with almost 48 percent in 1990. The relative contribution of agriculture, which was already in 1990, at 7 percent of GDP, has fallen as well, to 2.4 percent in 2006.’ (‘Czech Country Profile’, 2008)
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