PragueConnect.cz - Economy

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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 >>
 

MF: Budget impact of lower tax on beer to reach CZK 160m

A negative budget impact of the considered reduction of VAT on beer delivered with help of a service in restaurants from 21 to 10% will likely reach CZK 160m. A considered reduction of VAT on non-alcoholic drinks served in restaurants will likely cause a decrease in the tax collection in the ... more >>
 

Analysts: Position of manufacturing segment improves

The position of the Czech manufacturing segment remains strong and still improves. This was stated by ING Bank’s head economist Jakub Seidler in relation to PMI data provided by Markit/HSBC. According to Raiffeisenbank’s analyst Daniela Miluèká, the index improved thanks to acceleration in new ... more >>
 

FinMin: GDP to grow by 2.7% in 2016 and 2.6% in 2017

The real GDP of the Czech Republic will grow by 2.7% in 2016. This stems from a macroeconomic prediction of the Ministry of Finance of the Czech Republic (FinMin). The ministry predicts a growth in GDP by 2.6% in 2017. The average inflation rate will reach the value of 0.5% in 2016 and 1.6% in ... more >>
 

Czech Airlines reports first annual profit in years

Czech flag carrier stabilized its economy in 2015. As a sign of better economic results, both pilots and flight attendants are being hired to cover an increase in planned operating performance. more >>
 

GE Aviation to build USD 400m engine development HQ in CR

GE Aviation, a General Electric division, will build its new headquarters for the development, testing and production of turbo-propeller engines in the Czech Republic. It confirmed its intent on January 18, 2016 in a joint memorandum with the Czech government. In 2020, the centre will start ... more >>
 

Red Hat Czech to increase staff number by 20%

Red Hat Czech will continue hiring employees in 2016 as well, especially for software development and testing. It expects their number to increase by roughly 20 pct, which is the same as in previous years. In 2015, the number of employees grew 18 pct to more than 900. For CIANEWS, this ... more >>
 

CNB: Banks expect increased demand for corporate loans

In the first quarter of 2016, banks are expecting a further loosening of credit standards and an increased demand for corporate and consumer loans. They are predicting no change for housing loans. In the fourth quarter of 2015, competitive pressure and improved perception of risks regarding the... more >>
 

AERO to create 250 new jobs

AERO Vodochody AEROSPACE plans to generate about 250 new jobs in 2016. The company hired nearly 180 new employees in 2015, CIANEWS was told by spokeswoman Tereza Vrublová. According to her words, the company lacks technology experts, engineers, or quality experts. The company needs also air ... more >>
 

EnvironMin plans to open calls worth CZK 20bn

RegioJet transported totally 3.68 million persons in national transport in Slovakia in 2015. The company transported totally 6.7 million passengers over railroad and 468,000 by bus in the Czech Republic and in Slovakia. RegioJet predicts that the no. of passengers using its train routes will ... more >>
 

Raiffeisenbank: Volume of mortgages grows by 20%

Raiffeisenbank extended over 8,300 mortgages to individual clients in 2015. This represents a growth by 14% y/y. The volume of such loans increased by 20% to CZK 16.7bn. The average amount of a mortgage exceeded the threshold of CZK 2m. A total of 32% of clients concluded a mortgage with a ... more >>
 

ŠKODA AUTO´s sales up to 1 055 500 cars in 2015

Carmaker ŠKODA AUTO sold a record total of 1 055 500 vehicles in 2015, up 1.8% y/y. In December alone, the company raised its sales by 5.7% to 86,600 cars. Board of directors chairman Bernhard Maier has stated that the firm is readying the next phase of the model offensive, within which it will... more >>
 

ZUNO BANK´s loans up 40%

ZUNO BANK raised the value of loans by almost 40% y/y and increased the share of refinanced loans in 2015, thus meeting its financial targets. ZUNO BANK´s PR manager Vladimír Michna has told CIANEWS that the bank has also launched new applications and functions in mobile banking, incl. credit ... more >>
 

PwC: Firms worth over EUR 6.8bn sold in CR in 2015

Acquisition transactions totalling at least EUR 6.8bn took place on the Czech market in 2015, auditor PwC CR has informed. The biggest transaction was the floating of telecommunications infrastructure company CETIN from O2 Czech Republic (EUR 1.69bn). It was followed by the sale of 24% stake in... more >>
 
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