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 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 >>
 

Václav Havel Airport sets new record

2016 was the most successful year since 2008, when 12.6 million passengers passed through what was then called Prague Ruzyně International Airport. more >>
 

Rockaway Capital to take over UNISTER Travel

The insolvency administrator of the UNISTER Group, Prof. Dr. Lucas F. Flöther, has sold the UNISTER travel business to an international investor. The acquiring company is the renowned Rockaway Capital SE www.rockawaycapital.com, specialised in the digital industry and involved in, among others, ... more >>
 

Congress Center Prague to get overhaul

Few people are fans of the former Palace of Culture building in Prague's Vyšehrad district. Some Kč 1 billion will be spent to transform tits interior and surroundings. The neo-functionalist building was designed in the 1970s and opened in 1981. It has been known as the Congress Center ... more >>
 

Prague's economy growing again

The share that Prague continues to the Czech economy grew again after several years of decline. The capital, which is also counted as a region, contributes about one-quarter of the country's GDP. Last year it rose two-tenths of a percentage point to 24.4. percent. It had been in decline since ... more >>
 

Japan's Asahi to acquire Plzeňský Prazdroj

Japanese brewery Asahi Group Holding has reached an agreement to acquire Plzeňský Prazdroj and other Eastern European brands from Anheuser-Busch InBev. The acquisition for €7.3 billion is the largest in Asahi's history. The other brands are Polish brand Tyskie and Lech, Slovak brand Topvar, ... more >>
 
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