Economic policy / Macroeconomic Indicators, Economic Growth
This section reports on economic policy initiatives of the Czech government, the EU, and other entities that have a direct impact on the competitiveness of the country. It also includes information on economic priorities of the AmCham and other leading associations.
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Czech Republic: August inflation slightly lower
Czech inflation slowed down slightly to 3.3% from 3.4% in July, but remains elevated and is heading towards the highest average price growth since 2008. Next year, however, it should slow down amid weaker demand and a higher base from this year
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Industry and foreign trade pleased with their results
Industrial production and foreign trade continued to recover rapidly in July. Compared with last year, industrial production was still lower, but it is wiping out its losses faster than expected. The situation in the automotive industry has improved significantly, when production there fell just 0.7% yoy. The surplus in the balance of motor vehicles was even CZK 6.1 billion higher yoy. Among the published data, the construction was an outsider, falling more than 10% yoy.
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Czech Republic: Wages fell in the second quarter
Average wage growth in the second quarter slowed down to 0.5% year-on-year, while the median wage even fell slightly. In real terms after adjusting for inflation, average growth fell by 2.5%, the most in seven years, mainly due to coronavirus measures in the second quarter
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