Budějovický Budvar last year recorded the highest exports in its history. The brewing company – whose products are sold under the Czechvar brand name in some states – exported 1.07 million hectolitres of beer in 2018, a rise of 8.5 percent on the previous year, according to figures it has just released.
Despite the Czech government having no target date for adoption of the common European currency, an increasing number of Czech companies are using the Euro among themselves. According to data released by the Czech Chamber of Commerce, more than a fifth of all payments to domestic suppliers are now carried out in euros.
Three Czech companies have made it into the annual list of Europe’s fastest-growing companies, put together by the Financial Times. It lists 1,000 companies that achieved the highest compound annual growth rate in revenue between 2014 and 2017 of at least of 37.7 per cent, compared with 34.6 per cent last year.
Foreign and internal economic factors will cause the Czech exports sector to lose its breath in the second quarter of 2019, at least according to an export prediction method produced by the Exporter Association and Raiffeisen Bank. Authors of the study say that the under saturated labour market in the Czech Republic has forced many companies to delay their deliveries and thus hindered potential orders from abroad.
The Czech economy grew 2.8 percent year on year in the final quarter of 2018, above market expectations, revised data released on Friday by the Czech Statistical Office show. Analysts said it sent a positive signal that domestic growth remains sold despite a downturn in the Eurozone, and in particular Germany, the Czech Republic’s main export market.
The Czech government has just approved a bill under which the providers of taxi services would no longer be required to use taximeters. Ministers say they want to create a level playing field for operators of app-based services. For their part, traditional taxi firms say the move could lead to major problems.
The Czech Republic’s continued economic growth offers an opportunity to intensify its structural reforms, suggests the annual report of the European Commission, assessing the economic and social situation in EU members states. However, it also warns of increasing regional disparities, masked by the continued rise in living standards.