Prague is the capital and largest city of the Czech Republic. Prague's economy is based on various industrial sectors. Prague's industrial sector is split into aircraft engines, diesel engines, refined oil products, electronics, chemicals, food, printing, automobiles etc. Also a significant proportion of research and development is based in Prague. Approximately one-fifth of all investment in the Czech Republic takes place in Prague city. The Czech Republic is in Central Europe, between Germany, Poland, Slovakia, and Austria. The climate is temperate with cool summers and cold, cloudy, humid winters. The official language is Czech. It belongs to the Western Slavonic group of languages. Learning a few basic words will be appreciated. Many young people speak English, while German is also widely spoken. Most people can speak Russian, but will refuse to do so. The main religion is Christianity. The economy of the Czech Republic is developed and industrialized. It is one of the most stable and prosperous of the post-Communist states of Central and Eastern Europe. In the Czech Republic, business is conducted relatively formally, albeit at a general slower pace compared to the west. It is advisable to address associates formally unless someone has invited you to use their first name. Expatriate business dress tends to be conservative. Most international business is conducted in English, however German can be useful. The security risk for expatriates in Czech Republic is low. Risks include petty crime such as pickpocketing and car theft, particularly in Prague. Other risks include harassment by conservative groups, particularly of people belonging to visible ethnic and religious minority groups. The currency of the Czech Republic is the Czech Koruna (CZK). ATMs, and the use of debit and credit cards is generally acceptable. The standard of healthcare in Czech Republic is reasonable, however costs of treatment for expatriates from outside the EU can be high. The population of Prague is 2.6 Million (Metro) (2019 est.), while the inflation rate (CPI) is 2.9% for the Czech Republic as at July 2019. Xpatulator Hypothetical Tax for Czech Republic is based on the current personal income tax rate which is a flat rate of 15%.
Cost Of Living
The cost of living for expatriates / professional migrants in In Prague, the cost of each basket, based on local prices, compared to the international average, is categorized follows (Exact cost of living percentages only available in personalised reports): Prague as at 1 July 2019 is average in comparison to other places in the world. 1) Alcohol (where available) & Tobacco: Low 2) Clothing: High 3) Communication: Low 4) Education: Average 5) Furniture & Appliances: High 6) Groceries: Low 7) Healthcare: Low 8) Household Accommodation: High 9) Miscellaneous: Very High 10) Personal Care: Low 11) Recreation & Culture: High 12) Restaurants Meals Out and Hotels: Average 13) Transport: Low Prague is for example -10.5% cheaper than Houston TX for groceries, 31% more expensive for household costs than Kuala Lumpur, and 22.1% more expensive for transport costs than Dubai. The hardship premium for Prague for an expat from Perth, is for example 10%, i.e. host location (Prague) premium of 20% minus home (Perth) location premium of 10%. Prague is ranked as a some hardship location. Want to know more about cost of living, hardship (quality of living) or expat salary in Prague? Register subscribe to your home location and Prague and run your personalised reports.