This week Radio Prague staged a special debate about Czech economic convergence with the most developed West European economies. While other Central European countries have almost caught up the Czechs, it has been a stop-start and slow process to try and achieve the economic development and prosperity of economies such as Germany or France. The lag is especially striking with respect to average Czech wages and those, for instance, in Germany.
The Czech economy grew annually by 4.7 percent in the second quarter of
this year, the Czech Statistical Office said on Tuesday, confirming
preliminary figures released in early September. Analysts say this was the
fastest tempo of growth since the end of 2015 and the biggest
quarter-to-quarter growth recorded over the past 20 years.
According to experts, manufacturing industry, especially car production, was the major factor behind the growth.
Offers of historic buildings, castles and stately homes in the Czech
Republic outstrip potential interest, according to the Czech News Agency
after sounding out real estate agents.
Many would be buyers are deterred by the considerable reconstruction work
and costs that would be required, real estate agents said.
Conservation restrictions on what changes can be made are also a problem with buyers intending to carry out major changes and transformations. Most of the interest in such buildings comes from abroad, mainly from France and Russia, the report added.
The KPMG consultancy said around 1100 castles and stately homes are registered in the Czech Republic but their transformation into tourist accommodation or other uses is not expected to increase significantly in the short term.
Prague offers satisfactory office space and good transport facilities as a
possible site for the European Banking Authority (EBA) according to an
evaluation released by the European Commission.
But it says the quality of facilities for healthcare and education of the families of employees still has to be evaluated further.
Prague is seeking to be selected as the site for the European agency once it has to move from London as a result of Brexit.
Other European cities, including Vienna, Brussels, Paris, Frankfurt, Dublin, Luxembourg, and Warsaw are also seeking to host the agency. A decision is expected in November.
The Czech Confederation of Commerce and Tourism, which group large and
small retailers, has condemned as populism a government move to check on
sharp price rises of butter.
The check was announced by prime minister Bohuslav Sobotka following price rises which have seen the price of a pack soar to more than 50 crowns.
Sobotka said he was puzzled by the confederation’s reaction since similar moves had been announced in other countries.
There’s little doubt that the European Union has gone through a lot of turbulence over the past few years and has scrambled to come up with new policies as a result. But the outgoing Czech prime minister believes it has boosted the country’s reputation in these difficult times and cast itself as a reliable and steady partner.
The Czech Republic’s total foreign debt rose by 47.4 billion crowns to
nearly 4.5 trillion crowns in the second quarter of this year, accounting
for 91.9 percent of gross domestic product, according to preliminary data
released by the Czech National Bank on Wednesday. Year-on-year, the foreign
debt was nearly 1.1 trillion crowns higher.
The Czech Republic’s foreign debt has been gradually increasing for some time. It exceeded the four trillion crown mark for the first time this year. It crossed the two trillion mark in 2010, six years after reaching 1 trillion crowns for the first time.
Teens in the Czech Republic get, on average, almost 700 crowns from their parents per month, according to a study focusing on financial literacy conducted by ČSOB bank. According to the survey, for around 12 percent, those funds are not enough. Financial literacy has been a compulsory subject in the classroom for four years.