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
Wage growth continues gradual deceleration
At the end of last year, average wage growth was slower than initially estimated and growth decelerated further in 1Q this year. The economic recession will bring about an increase of unemployment as companies try to lower the costs of wages. This year, the average real wage will probably increase only marginally. Household consumption will remain sluggish. The CNB will probably cut the key interest rate to technical zero.
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Czech confidence broadly stagnated in May
Even though Czech households’ confidence increased in May, it wasn't enough to compensate for the fall seen in the last two months. On the other hand, business confidence further fell in May, so overall confidence improved only slightly, but broadly stagnated.
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Czech Workforce Report: Prague Employment and Median Wage 2011-2019
In 2019, the employment growth in Prague, the capital city of the Czech Republic, in both the public and private sectors was negative (-0.3% and -0.1%, respectively); this trend started in 2018 in the private sector (-2.3% y-o-y). Prague workforce reaches almost 576,000 people, a downward trend for two consecutive years from almost 587,000 in 2017 (up from 534,200 in 2011).
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