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.

The COVID-19 crisis has intensified existing trends, widening the gap between those at the top and bottom of the power curve of economic profit. Will your strategy keep you ahead of the accelerated pace of change?

This week, the University of New York in Prague will be the first university in the Czech Republic to welcome students for the Fall semester. UNYP has kept Covid-19 and student safety in mind throughout the opening preparations. The University has decided to invest in anti-Covid preparations in the context of a long-term outlook and a positive change for the university, while taking into account the flexibility that students will need throughout this pandemic and beyond.  

News in legislation

• Abolition of real estate acquisition tax