The average mortgage rate rose to 2.91 percent in December from 2.78
percent the previous month. According to Fincentrum Hypoindex data,
mortgages have risen at the fastest rate in 10 years.
The size of an average mortgage loan grew steadily throughout 2018 to stand at nearly 2.3 million crowns in December.
The number of applicants had surged in September as people sought to get mortgages before tougher lending guidelines set by the Czech National Bank came into effect on October 1.
Under the guidelines, a borrower should not be eligible for a loan which is greater than nine times their annual net income, or need to spend over 45 percent of their monthly net income to service the debt.
Compared to the previous month, unemployment in December rose by three tenths to 3.1 percent, with 231,500 people being out of work, the Czech Labour Office announced on Wednesday. However, unemployment numbers remained the lowest for any December since 1996 and the amount of job offers actually saw an increase.
As the deadline date for Brexit looms ever closer, Czechs are asking themselves what the economic impact of a “hard” Brexit would be. A report published by Česká spořitelna, says that as the country’s fifth largest trading partner, the UK’s exit on WTO rules could cost tens of thousands of Czech jobs and around CZK 55 billion. However, the economic impact would be too small to affect projected economic growth.
Unemployment in the Czech Republic remained at 2.8 percent in November, the
same as the previous month, the Czech Labour Office announced on Monday.
The number of jobless dropped to 215,010, which is the lowest figure since June 1997, while the number of vacancies increased to over 323,500. Last November, unemployment stood at 3.5 percent.
The lowest rate of unemployment, 1.8 percent, is in the Pardubice region, while the highest rate is in region of Moravia-Silesia and Ústí nad Labem with 4.3 percent of people out of work.
Czech industrial production grew by 6.7 percent year on year in October,
after somewhat weaker performance in recent months, data from the Czech
Statistical Office show.
New orders reached double digit growth, suggesting that recent weakness could be related to one-offs.
Manufacturing grew by 7.7 percent, supported by strong automobile production, up 8.8 percent in annual terms after falling in the previous two months.
The Czech Republic had the lowest unemployment rate in the EU in 2017,
according to the Statistical Yearbook, released by the Czech Statistical
office on Thursday.
In 2017, the Czech Republic had an average 2.9 unemployment rate, compared with EU average of 7.6 percent. The Czech Republic was followed by Germany with 3.8 percent, while Greece was placed at the other end of the scale with 21.5 percent.
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