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The number of entrepreneurs in the Czech Republic in the first half of the year increased by 21,000 to 1.148 million

by AI | 16.Aug 2024 | Europe in brief AI

In no other EU country do self-employed people have such an impact on the economy as in the Czech Republic.

The farmer fertilizes the field at dawn. Photo: Julian Stratenschulte/dpa

Prague – The number of entrepreneurs in the Czech Republic who actually earn a living through self-employment increased by 21,000 in the first half of this year to 1.148 million. This follows from the records of the Czech Social Security Administration (ČSSZ). Last year, the number of entrepreneurs, including private doctors, artists, or farmers, increased by 23,000 for the entire year.

According to the data, most entrepreneurs are registered in Prague, with a total of 212,000. Of all self-employed individuals, the number of those who have self-employment as their main occupation increased by 8,000 to 676,000. The number of people who have it as a side job rose by 13,000 to 471,000, the ČSSZ data shows.

“The increase in the number of entrepreneurs in the Czech Republic is a sign that the economy is increasingly oriented towards entrepreneurial activities and innovations following the COVID decline. This trend indicates growing confidence and courage among entrepreneurs in the Czech Republic,” said business consultant Jiří Rusňák to ČTK. For sustainable economic growth, it will be crucial, according to him, that entrepreneurs have access to tools and knowledge that enable them to grow and innovate. They must focus on supporting innovation, digitization, and strategic development across all areas of business, he added.

According to experts, in no other European Union country do entrepreneurs have such an influence on the country’s economy as in the Czech Republic. Companies that employ one to nine people account for more than 95 percent of the total number of businesses in the Czech Republic and are the largest employer, according to public sources. More than a third of all employees find work in these companies. (August 14)