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The economy of the Czech Republic is a developed export-oriented social market economy based in services, manufacturing, and innovation that maintains a high-income welfare state and the European social model. The Czech Republic participates in the European Single Market as a member of the European Union, and is therefore a part of the economy of the European Union. It uses its own currency, the Czech koruna, instead of the euro. It is a member of the Organisation for Economic Co-operation and Development (OECD). The Czech Republic ranks 12th in inequality-adjusted human development and 24th in World Bank Human Capital Index, ahead of countries such as the United States, the United Kingdom or France. It was described by The Guardian as "one of Europe’s most flourishing economies".
The industry sector accounts for 37% of the economy, while services account for 61% and agriculture for 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 life sciences. Its main agricultural products are cereals, vegetable oils and hops.
As of 2022, the Czech GDP per capita at purchasing power parity is $46,811 and $28,077 at nominal value. As of September 2021, the unemployment rate in the Czech Republic was the lowest in the EU at 2.6%, and the poverty rate is the second lowest of OECD members, following Denmark. The Czech Republic ranks 21st in the Index of Economic Freedom (ranked behind Chile), 24th in the Global Innovation Index (ranked behind Australia), 32nd in the Global Competitiveness Report, 41st in the ease of doing business index and 25th in the Global Enabling Trade Report (ranked behind Canada). The largest trading partner for both export and import is Germany, followed by other members of the EU. The Czech Republic has a highly diverse economy that ranks 7th in the 2019 Economic Complexity Index.
The Experience Economy is the sale of memorable experiences to customers. The term was first used in a 1998 article by B. Joseph Pine II and James H. Gilmore describing the next economy following the agrarian economy, the industrial economy, and the most recent service economy. The concept had been previously researched by many authors.
Pine and Gilmore argue that businesses must orchestrate memorable events for their customers, and that memory itself becomes the product: the "experience". More advanced experience businesses can begin charging for the value of the "transformation" that an experience offers, e.g., as education offerings might do if they were able to participate in the value that is created by the educated individual. This, they argue, is a natural progression in the value added by the business over and above its inputs.
Although the concept of the experience economy was initially focused in business, it has crossed into tourism, architecture, nursing, urban planning and other fields.
The Experience Economy is also considered the main underpinning for customer experience management.