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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 16th 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. (Full article...)