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!

Prague Hotels Achieve Highest Overall Customer Review Rating in Europe

According to a joint report entitled ‘Hotel Reviews: How Guests Rate Their Experiences in European Hotels’ conducted by Revinate and Colliers International, Prague ranks number one for 2015 with an overall score of 4.3 out of 5 stars based on an average of 822 reviews per property. more >>
 

Prague's Avast to acquire Brno's AVG for $1.3 billion

Prague-based security software firm Avast Software and AVG Technologies announced July 7 that they have entered into a purchase agreement where Avast will offer to buy all outstanding ordinary shares of AVG for approximately $1.3 billion. Both companies were founded in the Czech Republic in the ... more >>
 

CEEC: Public investors called tenders worth CZK 73.5bn

In 1Q 2016 public investors called 2,133 tenders on the Czech market. Their value reached CZK 73.5bn. This represents a 10.5% y/y increase in their number and a 26.1% increase in their volume. For both indicators this is also the most favorable quarter of the past three years. This stems from ... more >>
 

Mazars: Most firms submitted controlling reports in time

Most of the monitored companies that are monthly VAT payers submitted the controlling reports for January and February 2016 in time, a survey by Mazars has revealed. 92% of the firms had no communication with their tax offices and received no call for documents after the first two reports. ... more >>
 

PPF wants more ‘luxury’ profits on Pařížská

Wealthiest Czech Petr Kellner is working on another big development in Pařížská, Prague’s luxury shopping boulevard. An investment by the entrepreneur’s PPF group at an Art Nouveau property (number 22) will create further retail outlets, as well as luxury apartments, aimed at the affluent. more >>
 

ŠKODA AUTO delivered 276,600 vehicles in Q1

Between January and March 2016, ŠKODA AUTO delivered 276,600 vehicles worldwide, an increase by 4.3% compared to the same period a year ago. March deliveries increased 4.2% on the year to 106,300 units. The positive development in China and Europe contributed to the sales. According to Werner ... more >>
 

Bisnode: No. of unreliable taxpayers up to 4,762

There were totally 4,762 organisations registered in the register of unreliable VAT payers as of March 2016, up 351 month-on-month. Firms with revenues under CZK 10m or with no reported revenues accounted for 80% of all unreliable VAT payers. The statistics were published by consulting company ... more >>
 

IndustryMin: Business and Innovation Agency passes third reading

The amendment to the act on support for small and medium enterprises has passed the third reading in the Chamber of Deputies of the Parliament of the Czech Republic. The amendment will stipulate the formation of the Agency for Business and Innovation (API), which will be floated from ... more >>
 

Share of unemployed persons down to 6.3%

The Labour Office of the Czech Republic (ÚP ČR) registered totally 461,254 job applicants as of February 29, 2016, down 6,149 on January 2016 and 86,863 on February 2015. The share of unemployed persons dropped to 6.3% from 6.4% in January 2016. The unemployment rate totalled 7.5% in February ... more >>
 

CSU: GDP rose 4.3% in 2015

According to specified estimates, the Czech Republic’s GDP rose 4.0% on the year in Q4 2015. The economic rise in 2015 amounted to 4.3%. The Czech Statistical Office (CSU) said the development in gross value added (GVA) also corresponded to the ongoing growth in the local economic performance. ... more >>
 

C&W: Investments in Central Europe grow to EUR 3.16bn

In Q4 2015 investments in commercial property in Poland, the Czech Republic, Slovakia, Hungary and Romania increased from EUR 1.89bn in Q3 to EUR 3.16bn. According to figures published by Cushman & Wakefield Property Services Slovakia (C&W), a total of EUR 7.37bn was invested on Central ... more >>
 

Babiš's electronic tills nearly ringing

The government has managed to push its bill for the electronic, centralised registration of businesses’ cash sales [EET] through parliament’s lower chamber. In response, the right-leaning opposition has prepared the ground for a constitutional complaint. more >>
 

T-Mobile CR’s revenues increase to CZK 27.07bn

T-Mobile Czech Republic (TMCZ)’s overall revenues from mobile and landline services grew 12.5% on the year to CZK 27.07bn in 2015. Revenues from mobile services totalled CZK 18.18bn. The EBITDA was 9.3% and amounted to CZK 10.96bn. The average monthly revenue per user in mobile services dropped... more >>
 

AERO will participate in the production of the Airbus A400M and A350

AERO Vodochody AEROSPACE has signed a contract with the German company MT Aerospace about supplies of three packages of components for Airbus A400M and A350 aeroplanes. The contract will open space for the company to other contracts for a new transport airplane. The first components are to be ... more >>
 

UCB: An end of the Schengen Area would make CR lose CZK 12bn per year

An end of the Schengen Area and resumed border control would mean a slowdown of the movement of goods and thus of competitive ability in export for the Czech Republic. This is according to an analysis by UniCredit Bank Czech Republic and Slovakia (UCB). A decrease in the export of sensitive ... more >>
 

Analysts: Inflation will increase to 1.8 % at end of year

Inflation in the Czech Republic will at the end of 2016 increase to 1.6 %. This was stated in reaction to data provided by the Czech Statistical Office (CSÚ) by Raiffeisenbank chief analyst Michal Brožka. Komercní Banka analyst Viktor Zeisel expects that CNB will react to growing inflation at ... more >>
 

Analysts: Growing external demand to support industry

Since September 2015, industrial production has been negatively influenced by the shutdown of operations in the Dukovany nuclear power plant and in the segment of production of chemical substances due to the repairs at the Unipetrol chemical plant following the incident in August. In connection... more >>
 

CNB: Public finance deficit to reach zero in 2017

The public finance deficit to GDP will show a zero level in 2017. This is predicted by the Czech National Bank (CNB). The public finance deficit will likely reach -0.5% of GDP in 2016 after -1.3% of GDP in 2015. The total public debt to GDP will likely decrease to 39.7% in 2016 and 38.4% in ... more >>
 

EC CR to launch Gateway to Persia program

The Economic Chamber of the Czech Republic (HK CR) begins on March 1 a new comprehensive program to support Czech companies interested in the developing the Iranian market. The program marked Gateway to Persia will offer business forums and roundtables and also support for entrepreneurs in the ... more >>
 

SŽDC invests CZK 16.3bn in railroad system

Railway Infrastructure Administration (SŽDC) plans to invest a total of CZK 16.3bn in the railroad system in the Czech Republic in 2016. Some CZK 9.2bn will be used for the maintenance, CIANEWS was told by SŽDC spokesman Marek Illiaš. According to his words, hundreds of millions of Czech crowns... more >>
 
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