Despite Prague standing as one of the least service-based capitals in the EU (services made up just 70% of Prague's total GVA in 2016), the city's high-tech manufacturing sector is what makes the Czech capital one of the economically-leading Central Eastern European cities. Driven by electronics companies such as Siemens, ABB and Honeywell, Prague in 2016 generated a total GDP of USD70 billion; 176%, 30% and 18% higher than Bratislava, Bucharest and Budapest, respectively.
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Prague's labour productivity (GVA per employee) stood at USD48,000 in 2016 - 63% higher than in the rest of the country. The difference not only stems from the manufacturing sector's focus on the valuable high-tech industry, but from the productive business service sector centralisation in the capital as well (17% of Prague's labour force worked in the business services sector in 2016 versus 8.4% in the rest of the Czech Republic).
Prague's households are some of the richest in Eastern Europe, boasting an annual income level of USD26,200; 30% and 23%, respectively, higher than those of Budapest's and Warsaw's. The advantage in Prague is driven by one of the lowest unemployment levels in EU - just 2.8% in 2016.
Consumer expenditure per household (transport and housing excluded) stood 16% higher in Prague, than in the rest of the country in 2016. Education and recreation and culture allocated 69% and 52% more expenditure, respectively, in Prague than in the rest of country, due to a larger selection of universities and a booming tourism industry.
Combined expenditure on housing and transport was 26% higher in Prague compared to the rest of the Czech Republic in 2016. The difference stems from Prague's real estate's position as one of the most expensive in Eastern Europe (average purchase price EUR2,400 per square metre in Prague, in 2016).