While the Czech Republic has recently basked in figures showing as the fastest growing economy in the European Union with a 4.4 percent rise in GDP in the second quarter, there is no threat at the moment that the economy is overheating. That is the conclusion from the governor of the Czech national Bank, Miroslav Singer, in the latest of his lively blogs on macroeconomic perspectives from his particular hot seat.
In ten days’ time or so school-age children will find themselves returning to the classroom after long summer holidays, the hottest on record since 1880. In the run-up, parents will feel a new burn – this time in their pocket, as they line up to buy school supplies. According to a report by Czech Radio, parents will spend – on average – at least 2,000 crowns on supplies and the parents of first-graders even more: children’s “aktovky” - ergonomically-designed schoolbags required by students, cost that alone.
Authorities in the Russian enclave of Kaliningrad announced this week that they had destroyed 20 tons of tomatoes from the Czech Republic, that were falsely labelled as Macedonian. Russian authorities investigated the shipment, and after allegedly receiving information from Macedonia that the respective shipment was not registered with them, ordered its elimination.
Although 94 percent of Czechs consider themselves to be financially responsible, many still make painful mistakes in managing their personal finances. According to data from the Labour and Social Affairs Ministry many graduates who are unable to find jobs take out loans and set up small businesses, only to see them go bankrupt in a relatively short time. The age of people who file for insolvency has dropped from an average 35 to 28 years.
Slovakia appears to have won the beauty contest to be the site for a new factory for luxury car maker Jaguar Land Rover. Poland looks like it was in second place with the Czech Republic in third. Details of the full deal and incentives could make it clear whether the Czech bid suffered from lower permitted aid ceilings than both Slovakia and Poland.
The soft drink company Kofola this week opened its first brand restaurant in the Czech capital, NaGrilu. As the name implies, the venues will offer dishes off the grill, as well as beverages by the company as well as fresh fruit and vegetable juice from UGO and Mangaloo. While it offers fast food, it will apparently be with a difference: an emphasis on healthy and fresh ingredients.
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