The Czech government has approved a merger of the Czech national power utility CEZ with eight regional power distribution companies in an effort to make CEZ more attractive for foreign investors and help the company survive tough competition on the European market. However, the opposition has severely criticised the decision, which they say is detrimental to Czech consumers.
The Czech crown continued strengthening to record highs last week and on Thursday broke the psychological level of 30 crowns per euro, setting a new record high at 29.9 crowns to the euro. The Central Bank intervened against the currency, sending it back to over 30 crowns. Some experts say the crown could reach as high as 29.50 over the next few days unless the Central Bank intervenes again. Finance Minister Jiri Rusnok said that intervention was justified because the rate of the crown's strengthening does not correspond to economic
The Czech Republic posted an unexpectedly high GDP growth in 2001, fuelled mainly by domestic consumption. The Czech Statistical Office said the nation's GDP increased 3.6 per cent in 2001 over the previous year to 2.1 trillion CZK (or 58 billion USD). It was the biggest jump in the key economic rate since 1996, when GDP rose 4.3 per cent.
The Czech Supreme Audit Office - which supervises spending by state bodies and institutions - has discovered that the situation was far from rosy in 2001. Irregularities and inefficiency - these are the words which best describe the situation in the public sector. This and more in this week's Economics Report.
Forgotten Czech net bag makes a comeback
Czechs and Germans in 1930s Czechoslovakia: a complex picture
Iconic Czech brands that survived competition from the West after the fall of communism
Škoda unveils 4th-generation Octavia ahead of model’s 60th anniversary
15 years later – was ending military service right move for Czech Republic?