The Czech Republic’s economic growth is expected to continue at a rate of around 2.5 percent, the International Monetary Fund predicted in a press release on Thursday. Inflation is expected to go down and unemployment levels will rise. The head of the organisation also warned of the large impact that American tolls on European products would have on the Czech economy.
Prague is catching up with West European real estate markets, the daily e15 reports, citing a new survey released by PriceWaterhouseCooper and the Urban Land Institute, carried out among developers and investors. According to the 2019 report, Prague is one of the 20 most sought after cities in Europe for real estate purchases.
Unemployment in the Czech Republic fell to 2.6 percent in May from 2.7
percent the previous month, according to official figures released on
Monday. Some 200,675 people were out of work in May, the lowest number
recorded since the same month in 1997.
Meanwhile, the number of vacant positions grew to almost 347,000, the Office of Labour said.
Analysts said that unemployment was close to the lowest level it could reach, with the number set to grow slightly in the summer because of new graduates.
The German Central Bank has published a prediction on the country’s expected economic growth for 2019. It lowered its expectations from 1.6 percent to 0.6 percent. The Czech manufacturing sector is very dependent on German economic strength and Germany is also the Czech Republic’s largest trading partner. However, analysts questioned by the Czech News Agency say that changes in the forecast were expected and will not affect the Czech economy.
The lower house of Parliament on Friday approved changes to the law on
electronic cash registers. The MPs voted in favour of exempting certain
social services from the duty to report their earnings electronically.
Despite protests from the opposition, the ruling coalition of ANO and Social Democrats also pushed through extending the EET’s online reporting requirements to other professions, including doctors, artisans and tradesmen.
Prime Minister Andrej Babiš introduced the EET in 2016, when he was the finance minister, to counter the grey economy and tax fraud.
Prague inhabitants with an average salary would have to work for nearly fifteen years for a flat of approximately seventy square metres, if they didn’t have any other expenses, suggests a study by the developer company Central group. Just a year ago, Praguers needed to work less than 14 years to acquire a flat, while in 2014 it was less than ten years.
The possible introduction of a sector tax on banks in the Czech Republic would lead to a knock-on increase in the cost of financial products, according to an analysis conducted by the Centre for Economic and Market Analyses (CETA) published on Tuesday. This would mainly concern higher mortgage rates and more expensive loans for entrepreneurs, the study found.
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