PragueConnect.cz - Economy

PragueConnect.cz is providing resources for English speaking Business Professionals living in, visiting, or interested in Prague and Czech Republic. Browse our latest Economy articles, if you have interesting content to share with our users, please feel free to contact us anytime to discuss with us possible publication on PragueConnect.cz!

GDP growth beats expectations

The Czech economy was successful in the second quarter of 2017, according to the Czech Statistical Office (ČSÚ). A preliminary estimate showed that the gross domestic product (GDP), adjusted for price effects and seasonally adjusted, increased in the second quarter of 2017 by 2.3 percent ... more >>
 

ČNB changes interest rates

Interest rates are going to increase in the Czech Republic for the first time since 2008, the Czech National Bank (ČNB) announced. more >>
 

O2 ČR will continue to use the name

Telecom operator O2 will continue to use the name until 2022. Originally the operator was to stop using the name by 2019. The announcement was made as part of 02's half-year report, which also showed that profit increased by 3.6 percent. more >>
 

Butter slides to record price

Prices for butter have been rising and are now at record levels. Butter is 42.6 percent more expensive than it was last year, and on average is Kč 47 for 250 grams. This stands out against consumer prices in general which were unchanged, according to the Czech Statistical Office (ČSÚ). more >>
 

Car sector revenues set new record

Revenues of automakers and car part suppliers in the Czech Republic crossed trillion crown mark for the first time to set a record Kč 1.02 trillion, according to the Automobile Industry Association (SAP). Revenues were up 12 percent on the year. more >>
 

GDP exceeds estimates in first quarter

The Czech gross domestic product (GDP) was up 2.9 percent year-on-year (y-o-y), according to preliminary estimates by the Czech Statistical Office (ČSÚ). The figures are adjusted for price and seasonal effects. The growth exceeded estimates of the Czech National Bank, which expected a 2.5 ... more >>
 

OpenCall move to O2 has been a success

Mobile virtual network operator OpenCall has been using O2 about 10 months ago, and the transition has been very successful. OpenCall mobile is the number one MVNO in the Czech Republic on the foreigners’ market segment. Expats and other people living in the Czech Republic often do not want to ... more >>
 

Salaries in the Czech Republic by Regions, Sectors, and Jobs in 2017

CZK 29.320 (EUR 1.096) – the average monthly salary in the Czech Republic has reached its all time high in the last quarter of 2016 according to the latest data released by Czech Statistical Office. In 2016, the nominal average salary in the Czech Republic was 4.2% higher than in the same ... more >>
 

The growing complexity and sophistication of corruption

Anglo-American University (AAU), in cooperation with Transparency International Czech Republic and the law firm KINSTELLAR, held a one-day international conference with the aim of sharing the latest knowledge in the area of the detection of suspicious transactions. more >>
 

ČNB ends exchange rate intervention

The Czech National Bank (ČNB) has stopped its intervention against the Czech crown, which was keeping it near Kč 27 to the euro. By 3 pm on April 6 the crown had fallen to Kč 26.5 to the euro. The bank had previously announced that the intervention policy would end before the second quarter of ... more >>
 

Czech servers earn least, air traffic controllers the most

Waiters and waitresses are the lowest paid jobs in the Czech Republic, while air traffic controllers are the highest. Wages for assembly line workers doubled over the past five years. The data comes from the Ministry of Labor and Social Affairs' information system on average earnings (ISPV). more >>
 

ČTÚ opens broadband Internet frequency auction

The Czech Telecommunications Office (ČTÚ) opened on March 27, 2017, the auction of frequencies in 3600 – 3800 MHz band for broadband data networks. The authority is auctioning five blocks, sized 40 MHz each. The put-up price of each block was set at CZK 29m. The auction’s terms open room for a ... more >>
 

Kellner still richest Czech

There was no real surprise in who the richest Czech is. The annual Forbes magazine list once again put Petr Kellner of PPF Group on top. The magazine estimated his fortune at $12.2 billion. This still wasn't good enough to crack the top 100 in the world. He came in at number 105. more >>
 

Expobank CZ to enter the Serbian market

Cyprus Popular Bank agreed to sell Marfin Bank to Expobank CZ on 30 September 2016. Following approvals by regulatory authorities, the transaction was completed on 28 February 2017, and Expobank CZ became the sole shareholder of Marfin Bank JSC Belgrade. Marfin Bank plans to change its business ... more >>
 

Employment sets new records

Employment in the Czech Republic set a new record at the end of 2016, and women have been getting hired at a faster pace than men. The employment rate of 15 to 64 year olds was 72.9 percent, the highest since the Czech Republic became independent in 1993. more >>
 

Daimler may build Czech warehouse

German carmaker Daimler is looking for a location to build a distribution center for spare parts, and the Czech Republic is under consideration. The company is planning to expand its global logistics network and is looking for a location in Central and Eastern Europe to better manage logistics... more >>
 

Czech airspace saw record traffic

Czech airspace saw 836,917 aircraft movements in 2016, an increase of 6.95 percent year on year. This was the third record-breaking year in a row. Since 2002, when the number of movements was 411,256, the air traffic over the country has doubled, according to Air Navigation Services of the ... more >>
 

Filing US Taxes Abroad

For American citizens living and working in the Czech Republic, figuring out how to file annual Czech income taxes can be a challenge. Add the responsibility of filing US taxes on all income earned (both within and outside the US), and the situation becomes even more complicated, particularly ... more >>
 

Multilingual Jobspin.cz Job Fair coming to Brno in February

Multilingual JobSpin.cz Job Fair powered by Daily Monitor is a must attend event for all those who are seeking new career opportunities in Brno, Czech Republic. The event is tailored for international audience in Brno - people with outstanding language skills and international educational and ... more >>
 

Business associations challenge closing shops on holidays

Czech business associations have filed a constitutional complaint against the law banning the sale in large shops on selected holidays, the Chamber of Commerce (HK CR) has confirmed to CTK. more >>
 
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