The Czech crown on Wednesday reached its highest level against the euro since November 2013, when the Czech National Bank launched a currency intervention policy aimed at keeping the crown weak. According to Patria Finance, the crown stood at 26.02 to the euro on Wednesday morning. Under the central bank’s weak crown policy – which came to an end in April – the exchange rate hovered around the 27 to the euro mark.
Number of the long-term unemployed in the Czech Republic has been gradually dropping, according to the data of the Czech Labour Office released by the Czech News Agency on Sunday. In June, there were 166,691 people in the country unemployed for more than a year, while the number of vacancies stood at 183,500. That figure is twice as low as in 2014. Four out of ten unemployed are jobless for more than a year, and three out of ten for more than two years.
The official unemployment rate in the Czech Republic fell to 4.0 percent in June from May’s 4.1, the Czech Labour Office announce. The June rate is the lowest for 19 years with just over 297,000 people registered as seeking work. The number of vacancies rose to 185,500 meaning that there are an average 1.6 job seekers for every vacant place. There is still wide disparities in the jobless rate across the country.
The price of Czech farm land continued to rise in the second quarter of the year according to the webserver and price calculator, Farmy. CZ. Prices rose by around 4.0 percent in the second quarter compared with the first. That followed on from an 8.0 percent rise in the first quarter. One of the factors fuelling the rise is the continued availability of loans for land prices, the server said. Czech land prices are reckoned to be very cheap compared with those in Western Europe.
The Ministry of Finance has announced that work on reconstruction of Karlovy Vary’s famous Thermal Hotel will be delayed. Reconstruction of the hotel should have originally started at the end of the ongoing film festival, where the hotel is the main focus for events. Now, however, it looks likely to start at the end of the year. The ministry says that complications have occurred due to the designation of the hotel as a cultural site which means that the tender procedures for work must change. The hotel complex is owned by the finance ministry.
Czech economic growth in the first quarter of the year has been revised upwards to an annual 3.0 percent, an increase of 0.10 basis points from the earlier estimate of the Czech Statistical Office at the start of June. The quarter on quarter growth figure was also upped to 1.5 percent from 1.3 percent. Strong domestic growth and export demand helped fuel the first quarter growth figure.
The Czech Republic has the highest percentage of unfilled jobs in the entire European Union, according to data from Eurostat cited by iHned.cz. In the first quarter of this year, Czech companies were seeking to fill 3.1 percent of all positions – and the share was even higher in some industries, the news website reported.
The Czech police and Albanian authorities are looking into suspected corruption involving the Czech power company CEZ, the newspaper Mladá fronta Dnes reported on Wednesday. The investigation is centred on the allegation that CEZ transferred nearly EUR 7 million to the account of an Albanian lobbyist in 2009, shortly after it took control of a power distributor in Albania. The local police believe the money may have been later used as kickbacks for politicians and officials. CEZ pulled out of Albania three years ago after the deal ended in the arbitration courts and caused friction between Prague and Tirana.