Economic policy
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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Spotlight issue
Czech wages increased by 5.7% yoy in 3Q21
Czech average wage growth slowed from 11.4% yoy in 2Q to 5.7% yoy in 3Q. This was due to the higher base of 3Q20, when the economy had already partly recovered, as well as to the fading effect of the second round of extraordinary bonuses paid in health and social care in 2Q. However, elevated inflation significantly downsized real wage growth, which was only 1.5% yoy in 3Q.
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3Q economic growth of 1.5% qoq fostered by household consumption
The second reading of Czech GDP for 3Q has brought a slight upward revision. The figure was increased to 1.5% qoq from the previous estimate of 1.4%. The qoq rate of growth was thus similar to 2Q’s 1.3% qoq. Given the problems faced by industry, we consider this a very good result. Due to a higher base effect, yoy GDP growth slowed from 8.5% to 3.1%, as 3Q20 was already marked by a partial economic recovery. Economic activity is still about 2.5% below the pre-crisis 2019 level.
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Future of Prague Series: AmCham Prague Council and Tourism Council on how to generate more revenue per tourist
Prague has great beer. The city also preserved a historic city center that rivals Venice in size and beauty. The cobblestone streets of Bohemia’s capital offers much, much more. Karel Capek invented the word robot in one of his visionary plays about mankind’s future. His invention sits on the shoulders of other literary creations such as Meyrinck’s Golem or Kafka’s Metamorphosis.
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