The article aspires to present the transformation process of Czechoslovak (Czech) economy. As a starting point were used synthesising initial assumptions in the transformation process at the beginning of 1990s and an attempt to review the changes in Czech economy in the subsequent period. The authors try to analyse the changes that took place in the performance and structure of Czech economy and at the same time, they take into account the institutional changes. Attention is paid to some aspects of international comparison of current basic macroeconomic indicators with those from the initial level of transformation.