The Economy of the Czech Republic is a developed export-oriented social market economy based on services, manufacturing and innovation, that maintains a high-income welfare state and the "continental" type of 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, but uses its own currency, the Czech koruna, instead of the euro. It is a member of the OECD. As of 2017, the Czech GDP per capita at purchasing power parity is $35,223  and $20,152 at nominal value. As of March 2018, the unemployment rate in the Czech Republic was the lowest in the EU at 2.2%, and the poverty rate is the second lowest of OECD members only behind Denmark. Czech Republic ranks 24th in both the Index of Economic Freedom  and the Global Innovation Index , 31st in the Global Competitiveness Report 30th in the ease of doing business index and 25th in the Global Enabling Trade Report . The largest trading partner for both export and import is Germany and the EU in general. The Czech Republic has a highly diverse economy that ranks 7th in the 2016 Economic Complexity Index. The industry sector accounts for 37.5% of the economy, while services for 60% and agriculture for 2.5%. The principal industries are high tech engineering, electronics, automotive, and machine-building, steel production, transportation equipment, chemical production and pharmaceuticals. The major services are research and development, ICT and software development, nanotechnology and life sciences among others. Its main agricultural products are cereals, vegetable oils and hops.. The Economy of the Czech Republic is considered to be what orientation?