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Czech Republic

Czech Service Sector Stagnates

In Q3 2012, seasonally adjusted sales in services increased by 0.1%, quarter-on-quarter, at constant prices.

November 7, 2012

Future of Czech Government Uncertain

Although Prime Minister Petr Necas was confirmed as party leader of the governing ODS, the government is still threatened to collapse.

November 6, 2012

Czech Industrial Production Shrinks

In September 2012 industrial production decreased at constant prices by 7.1%, y-o-y. Working days adjusted (WDA) industrial production decreased by 2.4%.

November 6, 2012

Czech Construction Industry Affected by Recession

In September 2012 the construction output decreased by 10.6%, year-on-year (y-o-y), in real terms.

November 6, 2012

Czech Exports Stagnate

In September 2012, according to preliminary data of ‘border statistics’, current price exports rose by 0.6%, while imports fell by 3.3%, year-on-year (y-o-y).

November 6, 2012

Czech Unemployment Growing Slightly

In October, the Czech unemployment quota was up by 0.4 percentage points compared to the reference period of 2011.

November 3, 2012

Czech Republic to Stagnate

The economic outlook for the Czech Republic had to be revised again. After a significant recession in 2012, the Czech GDP will only grow by 0.2% next year.

November 2, 2012

CNB: Interest Rate at Historical Low

Today, the Czech National Bank (CNB) decided to cut the interest rate to 0.05%. Now, foreign exchange interventions are the only tool for CNB.

November 2, 2012

Czech Household Debt on the Rise

Against 2011, Czech household debt was up by 4.2%. At the end of September, the level of debt of Czech households to banks reached € 45.8bn.

October 31, 2012

Purchasing Power: Austria Ranks 6

Regarding the purchasing power per head, Austria is significantly above the European average of € 12,802.

October 31, 2012

Czech Republic and Slovakia: Nuclear Power Remains Main Energy Source

The Czech Prime Minister Petr Necas and his Slovak counterpart Robert Fico underline that nuclear energy will remain the future technology.

October 30, 2012

Saving in CEE Becomes More Important

Poles and Slovaks are CEE's savings champions, putting aside 15% resp. 12% of their monthly income. Austrians, Germans and Czechs follow suit with 9%.

October 29, 2012

Czech Republic: Economic Sentiment on the Rise

According to recent surveys, confidence in the Czech Republic is increasing slightly.

October 25, 2012

CA Immo´s Occupancy Rate in Prague at 90%

The Austrian real estate company CA Immo has managed to secure further tenants for four office buildings and a shopping center in Prague.

October 25, 2012

Czech Government to Change?

Prime Minister Petr Necas is under pressure. A failed austerity package would cause a government change.

October 23, 2012

Czech Banking Sector to Sharpen Lending Conditions

For corporate and housing loans, lending conditions were tightened in the third quarter of 2012.

October 23, 2012

Rewe Austria to Expand in Russia

Rewe Austria intends to open ten new stores in Russia per year. Besides Russia, the Ukraine and Romania are main target markets.

October 22, 2012

Poland Favors Banking Union, Czech Republic is Skeptical

The governor of the Polish National Bank Marek Belka calls for joining the banking union. The Czech Republic may use the right to give a veto.

October 20, 2012

Porr´s Construction Output Shrinks

The third-largest Austrian construction group records an increase in orders. Porr´s CEO Karl-Heinz Strauss is satisfied.

October 18, 2012

Klaus: “Nobel Prize for EU is a Mistake”

The Czech President Vaclav Klaus criticizes the decision of the Nobel Prize Committee. For him, the decision is a “joke”.

October 13, 2012

Czech Government Attempts to Stimulate Growth

On the one hand, the Czech government deepens the austerity measures. On the other hand, growth-stimulating investments should be initiated.

October 13, 2012

Czech Banking Association Pessimistic

CBA has lowred its forecast on the Czech economy. The decreasing household consumption would be the main reason.

October 12, 2012

Czech National Bank Open for Interventions

At the moment, the Czech National Bank (CNB) sees no reason for weakening the exchange rate of the Czech Crown. However, CNB is ready to start interventions if necessary.

October 12, 2012

Czech Economy to Shrink by 1.0% This Year

According to IMF, the Czech GDP will shrink by 1.0% this year. Next year an economic growth rate of 0.8% is expected.

October 10, 2012

Czech Republic: Industrial Sector Most Important

Among the EU members, the Czech Republic shows the highest percentage of people working in the industrial sector.

October 6, 2012

CEE Countries Must Work Upon Economic Convergence

CEE countries are struggling with weaker external demand and uncertain consumers, whereas in most cases fiscal policy is under control. Labour productivity, costs and competitiveness of CEE region give reason for optimism.

October 5, 2012

Romania: Lowest Importance of Service Sector in EU

Almost 70% of employed persons in the EU27 worked in the service sector in 2011. The scope ranges from 43% in Romania to 85% in Luxembourg.

October 5, 2012

Nine Prime Minister Discuss EU Budget in Bratislava

The Prime Ministers of nine countries of Central and Eastern Europe will meet in the Slovak capital on October 5.

October 3, 2012

Lenzing Expands into Czech Republic

The Austrian fiber producer Now Owns 100% Stake in Pulp Producer Biocel Paskov.

October 3, 2012

Czech Deficit in 2013 at 2.9% of GDP

The Czech Government presented the budget bill for 2013. The Maastricht Criteria should be fulfilled.

September 29, 2012

CEE Equity: RBI Cautiously Optimistic

RBI forecasts a slight increase in yields for Poland, Hungary, Russia and the Czech Republic. Austrian ATX should grow moderately in the next 12 months.

September 28, 2012

CEE Remains Europe’s Growth engine Despite Slow-Down

CEE with 2012 GDP growth of 2.4 per cent – GDP in Eurozone to shrink to minus 0.5 per cent in 2012 . In terms of reforms, CEE tops Eurozone peripherals

September 28, 2012

Klaus: Exit Will Not Destroy Eurozone

The Czech President Vaclav Klaus says that a reduction of the member states will not destroy the Eurozone.

September 27, 2012

Czech National Bank Expects More Interest Rate Cuts

The governor of the Czech National Bank Miroslav Singer explained that the monetary easing program will continue.

September 27, 2012

MOL Announces Massive Investments in Hungary

The Hungarian oil group plans to make investments of € 1.1bn in the next three years.

September 25, 2012

Public Debt: New EU Members Are More Flexible

Compared to old EU member states, the new member states have more fiscal leeway to overcome the crisis.

September 24, 2012

Klaus: Czechs Against Banking Union

The Czech President notes that the Czech Republic cannot achieve anything without a recovery of the European economy. However, it would be advantageous to stay outside the Eurozone.

September 18, 2012

Strong Increase in Hourly Labor Costs in Hungary and Romania

Second quarter 2012 compared with second quarter 2011: Euro area hourly labour costs rose by 1.6% and by 1.8% in EU27.

September 17, 2012

Czech Republic: EU-Subsidies to be Cut Massively

Due to EU-aid manipulation, the Czech Republic will lose at least € 1.0bn.

September 15, 2012

Hungary Becomes Tax Haven for Czech and Slovak Enterprises

In the last three years, the number of Czech enterprises with head office in Hungary was up by 41%.

September 15, 2012

Czech Republic: Exports to Russia Reach new High

In 2012, the exports to Russia are estimated to surpass € 4.6bn. This would be a new record.

September 15, 2012

Czech Unemployment Rate Remains Flat

In August, the Czech Republic´s unemployment quota came at 8.3%.

September 15, 2012

Klaus Does Not Want European Federation

The Czech President Vaclav Klaus rejects the idea of the head of the EU-Commission José Manuel Barroso.

September 14, 2012

Czech Public Debt Growing Rapidly

Until the end of the year, public debt is expected to increase to € 63.77bn. At the end of 2011, the public debt level came at € 58.5bn.

September 14, 2012

Czech Republic Threatened of Downgrade

Because of its instable political situation, the Czech Republic may be downgraded. Debt service costs may increase substantially.

September 14, 2012

VAT Dispute: Necas Seeks Compromise

The Czech Prime Minister Petr Necas is optimistic that the instable government will survive. He wants to reach a compromise with the dissenters.

September 13, 2012

OECD: Czech Spending on Education too Low

The Organisation for Economic Cooperation and Development criticizes the Czech government. Expenditure on education only reach 4.8% of GDP, which is below the OECD average of 6.2%.

September 12, 2012

Austerity Package: Czech Government Asks for Vote of Confidence

After the austerity package was disapproved by the Czech Parliament, the government resubmits the bill to the Chamber of Deputies.

September 10, 2012

Czech Republic: No VAT Increase

The governing coalition failed in seeking approval by the parliament. In order to lower the budget deficit, the government intended to lift the VAT rates.

September 7, 2012

Czech VAT Increase to be Resolved

The Czech government wants to increase the tax intake by € 1.0bn. Economists warn of a deepening of the recession.

September 4, 2012
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