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
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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According to a revised estimate, the economic downturn in 2Q was 11%
According to the CZSO's revised estimate, the domestic economy contracted 8.7% qoq in 2Q. Compared with last year, gross domestic product decreased 11.0%. The downturn in the Czech economy was thus slightly worse than the preliminary GDP estimate from the end of July showed. The revision of the development of the domestic economy took place in the opposite direction than in the case of Germany, whose quarter-on-quarter decline in GDP was ultimately four-tenths lower than the preliminary estimate showed. In an international comparison, the Czech Republic continues to be one of the countries whose economies were relatively affected the least by the coronavirus in 2Q.
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