A Finance Ministry proposal for next year’s budget, which is to be
debated by the government next week, sets next year’s deficit at 40
billion crowns, Prime Minister Andrej Babiš announced at a press
conference on Monday.
The draft budget forecasts state expenditures of 1.59 trillion crowns and revenues at 1.55 trillion crowns. According to Mr Babiš, the budget plan also envisages a hike in public sector wages and higher pensions. The first draft budget proposal is to be presented to the lower house on May 31.
The Czech Republic’s system of company tax is one of the most complicated in the EU, claims a study made in collaboration by the consultancy BDO and two German universities. The Czech Republic ranked fourth from bottom among EU states and its tax system was considered below average in the world-wide ranking.
The Czech government expects economic growth to be driven mainly by rising
household demand in 2020. According to the draft Convergence Programme
submitted to the European Commission, Czech GDP should grow 2.4 percent
next year, down from nearly 3 percent growth in 2018.
According to projections released earlier in May by the Czech National Bank, however, the economy should grow by 2.5 percent in 2019 and 2.8 percent in 2020.
Analysts warn the risks are skewed in the direction of weaker growth, mainly due to slowing industrial production and external demand.
Academics and former politicians have written an open letter to the Czech
energy utility ČEZ petitioning the management not to sell the Počerady
coal-burning electric power plant to entrepreneur Pavel Tykač. The
petitioners say its continued operation would be in violation of the 2016
Paris Climate Agreement.
Among the signatories are former prime ministers Petr Pithart and Vladimír Špidla, sociologist Jiřina Šiklová and former environment ministers Bedřich Moldan and Martin Bursík. Members of the public are being encouraged to take a stand as well.
Year-on-year consumer price growth slowed down to 2.8 percent in April,
down from 3.0 percent in March, according to data released by the Czech
The prices of rents, some food stuffs and petrol went up, while the price of alcohol, tobacco, sugar and eggs decreased.
Analysts predicted that after inflation reached its peak in March it would stagnate and gradually decline.
The mansion where Nazi governor of Bohemia and Moravia Reinhard Heydrich
lived on the outskirts of Prague has been sold at auction for nearly CZK 39
million. The auction was anonymous. The building in Panenské Břežany in
Prague East had fallen into a state of disrepair when the previous owner, a
research institute, went bankrupt.
The Nazi’s first “protector” of the Czech lands, Konstantin von Neurath, moved into the property. When he was replaced by Heydrich the latter and his family took it over. The “Butcher of Prague” was living there when he was assassinated in 1942 by Czechoslovak paratroopers sent from the UK.
Unemployment in the Czech Republic dropped to 2.7 percent in April, down
from 3 percent in March, according to data released by the Czech Labour
It is the lowest unemployment rate registered since 1997. According to the statistics 210,000 people are currently out of work. Technically-skilled manual workers are the most sought after.
The record low figure is ascribed to the healthy state of the Czech economy and the beginning of seasonal work.
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