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 at 3.2% with regard to price development

In 2014, the Czech Republic´s gross domestic product increased 2% in real figures to CZK 4,260bn. Chairperson of the Czech Statistical Office (CSU) Iva Ritschelová said the economic growth had stood at 3.2% when profits from price development in external trade were factored in. FDI amounted to ... more >>
 

Comeflex Offers Tailor-Made Assistance for Your Business in the Czech Republic

The Czech Republic is one of the most attractive destinations for foreign investors in Central-Eastern Europe. This applies not only to large corperations, but also small businesses. Every entrepreneur who comes to set up his business, however, has to face two main obstacles: the Czech language ... more >>
 

CD Cargo transported 16.3 million tons of goods in Q3 2015

Cargo railroad company ÈD Cargo transported totally 16.3 million tons of goods in Q3 2015, down 5.9% from Q3 2014. The volume in Q3 2015 is comparable to the previous two quarter-years. The spokesperson for the Czech Railways, Petr Šáhlavský, has told CIANEWS that the most transported ... more >>
 

IndustryMin: Commission wants to finish notification for RER support promptly

The European Commission wants to complete successfully and quickly all notification processes for support for renewable energy resources (RER) in the Czech Republic. The Ministry of Industry and Trade has informed that the notification is essential for the Energy Regulatory Office not to block ... more >>
 

The 2015 Czech Entrepreneurship Week boasted with record-breaking numbers

This year’s biggest event supporting entrepreneurship in the Czech Republic can boast with record-breaking attendance numbers. The 2015 Entrepreneurship Week attracted 5300 people who participated on 65 events all over the country. The main event, Summit, became the destination of 1700 ... more >>
 

CEB and ICBC signed Memorandum of Cooperation

On November 24, 2015, the Czech Export Bank (CEB) and Industrial and Commercial Bank of China (ICBC) signed the Memorandum of Cooperation. The bank’s CEO, Karel Bureš, has stated that CEB will present a group of clients with realistic business plans in China in early 2016. The memorandum was ... more >>
 

AutoSAP: Motor vehicle production up 5.09%

Motor vehicle production in the Czech Republic grew by 5.09% to 1 105 070 vehicles in the first ten months of 2015, the Automotive Industry Association (AutoSAP) has informed. Exports grew 3.99% to 1 271 855 units and domestic sales totalled 84,260 vehicles (up 20.06%). more >>
 

Kofola CS to be traded at Prague Stock Exchange from Dec 2

Regular trading of Kofola ÈeskoSlovensko (Kofola CS) stock at the Prague Stock Exchange will start on December 2, 2015. Kofola CS has stated that the Czech National Bank approved the prospectus with effect from November 20, 2015. The firm will offer up to 275,000 new shares in the IPO. At the ... more >>
 

EY: Some 40% of Czech company heads plan transactions on market of mergers

A total of 59% of global respondents and 40% of Czech company heads plan to conduct a transaction on the market of mergers and acquisitions in next 12 months. This stems from the 13th issue of the Investment Confidence Barometer published by Ernst & Young. The most important investment ... more >>
 

AE: Export output to drop in February 2016

Czech export will slow down in February 2016, following recovery in January. The Association of Exporters’ (AE) index dropped to 5.52 pts for February from 10.42 pts for January. AE’s deputy chairman Otto Danìk has stated that the decline may be attributed primarily to the drop in German ... more >>
 

CSOB posted CZK 11bn in net profits for 9M 2015

Czech bank CSOB generated net profits totalling CZK 11bn in the first nine months of 2015, up 4% y/y. Client loans grew 9% to CZK 575bn. Deposits increased by 7% to CZK 699bn. Tier 1 capital indicator reached 18.3%. CSOB’s CEO John Hollows has stated that the company continues to provide ... more >>
 

EnvironmentMin will support water management projects with CZK 11bn

The Environment Ministry announced on November 13, 2015 through the State Environment Fund of the Czech Republic (SFŽP CR) a call to strengthen the funding of applicants for projects that are supported as part of Operating Program Environment 2014 – 2020. The aim is to improve the state of ... more >>
 

UniCredit Bank posts CZK 4.6bn in net profits in 9M 2015

UniCredit Bank Czech Republic and Slovakia (UniCredit Bank) posted consolidated net profit totalling CZK 4.6bn for the first nine months of 2015, up 24.4% y/y. The value of loans extended to clients grew by 7.4% to CZK 354.1bn. Deposits increased by 19.1% to CZK 348.1bn. Consolidated capital ... more >>
 

MF to cut expenditure on eco-tenders by CZK 25bn

The Ministry of Finance (MF) has halved its expenditure on the resolution of environmental damages established before privatisation. Thanks to twelve terminated environmental contracts and new transparent procurement rules, the ministry saved more than CZK 1bn compared to the original bid ... more >>
 

Labour Office: Unemployment down to 5.9% in CR in Oct

Labour Office of the Czech Republic registered totally 430,432 job applicants as of October 31, 2015, down 11,640 on September and 89,206 on October 2015. The share of unemployed persons dropped to 5.9% (September 2015 – 6%, October 2014 – 7.1%). more >>
 

Electronic sales registration may be mandatory from 2018

Electronic sales registration should be mandatory for all the roughly 600,000 entrepreneurs who accept sales in cash as of 2018, Deputy Finance Minister Simona Hornochová said in discussion program Questions of Václav Moravec on the public broadcast Czech Television (ČT) today. more >>
 

B. Sobotka: Government improved drawing of EU funds

Czech Republic is the second fastest growing economy in the EU with y/y GDP growth estimated at 4.3% in 2015, Prime Minister Bohuslav Sobotka has commented on the results of the survey announced by the European Commission. According to the PM, Czech government managed to improve the drawing ... more >>
 

EC: Growth in Czech GDP to fall to 2.2% in 2016

A growth in the GDP of 4.3% is predicted for the Czech Republic in 2015. The growth will likely reach 2.2% in 2016 and 2.7% in 2017. This stems from a prediction published by the European Commission. Total investments in the Czech Republic will grow by 7.6% in 2015 and 3.3% in 2017. The ... more >>
 

ŠKODA AUTO to invest EUR 86m into new stamping shop

Carmaker ŠKODA AUTO is building a new stamping shop in Mladá Boleslav. In spring 2015 the carmaker will install a new servo-stamping line in the readied hall. The line will be able to process even big car body parts made from aluminium. The facility is scheduled to operate from February 2017. ... more >>
 

CTÚ plans auction of frequencies with CZK 800m put-up price

The Czech Telecommunications Office (CTU) is launching in the first week of November 2015 the public consultation of the terms of the mobile network frequency auction. CTU board chairman Jaromír Novák has stated that the auction itself, with the put-up price of ca. CZK 800m, is expected to ... more >>
 
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