The latest figures suggest that the longest recession in modern Czech history is over. The Czech Statistical Office reported the country’s gross domestic product increased by 0.7 percent in the second quarter of this year. If confirmed, the Czech economy would have grown for the first time in 18 months. The growth has been very fragile and fuelled mainly by exports while domestic spending remains depressed – but can exports provide a base for sustainable growth? And what can the caretaker Czech government do to boost the recovery? In this edition
In Business News this week: viewers get a first glimpse of the redesigned Škoda YETI; the grain and rapeseed harvests this year are a success; the number of self-employed has moved closer to one million; tourist agencies are offering clients travelling to Egypt a chance to switch destinations at the last minute; the Czech Republic is out of recession.
One of the leading local real estate developers, the Developer Central Group has expressed an interest in purchasing the so-called Dancing House in the center of Prague for a quarter of a billion crowns. The developer announced that they want to house a museum of architecture and design in the modernist structure, co-designed by the world-famous architect Frank Gehry. The building’s current owner, CBRE Global Investors, said a few weeks ago that they want to sell the Dancing House. The building, which was completed in 1996, was originally meant to house a library, theater and a café, but the Dutch investor at the time opted for commercial use of the space. Currently, it houses offices and a restaurant on the top floor.
Marian Piecha has been named the new head of CzechInvest, a state agency in charge of attracting foreign investment. Mr Piecha previously served as the head of investment and innovation at the Ministry of Industry and Trade. The agency’s previous director was dismissed last August over problems with a public procurement project.
This week in Business News: Consumer prices dropped in June, along with inflation rate; Study shows that many key sectors still have very few women in management; Construction and industrial output down in June; New tougher regulations on alcohol distribution go through lower house; Businesses would mostly welcome early elections in hopes of a more stable political and economic situation.
The number of bankruptcies in the Czech Republic reached 1289 between January and July this year, which represents a 19-percent increase year-on-year, the debt consultancy Creditreform Czech Republic said on Friday. The number of bankruptcies of self-employed entrepreneurs rose by 40 percent in that period to reach 438. The total number of bankruptcy filings increased by 13 percent; most of them were registered in the construction industry and trade. Creditreform expects an increase in bankruptcies to continue in the second half of the year as well.
In Business News this week: the agriculture minister stops contracts worth a half billion crowns a study maps the role of foreign investors in domestic companies; truck manufacturer Tatra clinches an important contract in the Middle East; the national bank confirms a drop in the number of counterfeit banknotes and coins seized; a Czech insurance company maps how long it takes for an unattended bike to be stolen on the street.
Czech companies lose enormous amounts of money annually due to their staff spending time on Facebook and other websites instead of working, claims a freshly released study. Indeed, the report’s findings suggest that the average office worker in the Czech Republic is devoting around an hour a day to mucking about on the internet.
Over 1,000 skeletons discovered during renovation of Kutná Hora “bone church”
Language exams for foreigners seeking permanent residency permit to become tougher
Why are Russian and Chinese spying activities in Czech Republic so intense and how exactly do they do it?
Prague’s historical Koh-i-noor factory to be converted into residential area
The history of the “German Czechs”