Prague, Czech Republic – Visegrad Group countries rank among the most industrialized economies in Europe, according to data from the EU’s statistical office.
All four Central European economies count among the top 8 European economies where industry accounts for the highest share of total gross value added (GVA) – well above the EU average of 19.1%.
Although Ireland, with a share of industry in total GVA of 36.5%, comes first, it’s directly followed by the Czech Republic, where industry accounts for more than 30% of the country’s gross added value and 29% of total employment.
Neighbouring Slovakia, whose export-driven economy is also largely driven by its automotive industry, comes at the fourth place right after Slovenia (3rd). Industry accounts for 25.7% and 24.2% of Slovakia’s total GVA and employment, respectively.
At the other end of the scope, the least industrialized EU countries – relative to GVA – are Luxembourg (7%), Cyprus (7.9%), Malta (10%), France (13.4%) and the U.K. (13.6%).
One of the main drivers of their booming economies, Visegrad Group countries’ manufacturing sectors – including their flagship auto industry – are also a factor of vulnerability, according to analysts, who have long pointed out that Central Europe’s export-driven industrial economies remain extremely dependent on potential trade disruptions and on their main trading partners, Germany in particular.