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
Economy driven by consumption and investments; exports are the brake
According to a revised estimate, the Czech economy grew 1.0% qoq in 2Q21, after declining 0.4% in 1Q. A preliminary estimate showed growth of only 0.6%. In a year-on-year comparison, GDP grew at a rate of 8.2%, while the preliminary estimate showed 7.8%. Let us recall that the original expectations of economic development for the second quarter were significantly higher, the market consensus was around 2.0% quarter-on-quarter growth. So 1% growth is disappointing in light of the economy waking up after COVID-19 closures. However, given the level of uncertainty, such a surprise is understandable.
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Industry is growing, but missing components are putting on the brakes
Industrial production increased month-on-month, although missing components led to a further decline in car production. The decline in exports and the growth of imports unexpectedly dragged the foreign trade balance into a deficit in June. The construction industry stagnated month-on-month, and its production thus remained in solid growth year-on-year.
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White & Case advises Avast on US$9.2 billion Merger with NortonLifeLock
Global law firm White & Case LLP has advised Avast plc, the FTSE 100 global leader in digital security and privacy, on its merger with NortonLifeLock Inc, which is being structured as a takeover of Avast by NortonLifeLock.
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