Overview of the latest economic events in the Czech Republic
In the past 24 hours, several significant events occurred in the Czech economic environment. The state budget deficit for 2024 was reported at CZK 271 billion, the lowest since the COVID-19 pandemic, but still the fifth highest in the country's history. Prime Minister Petr Fiala stressed that despite numerous crises in the last three years, the government has managed to get public finances under control.
In the energy sector, Czech households are expected to overpay CZK 10 billion for energy next year. This situation results from the current energy pricing mechanisms and market conditions, prompting discussions on possible regulatory adjustments to ease the financial burden on consumers.
Foreign investments - trends and attractions: 24-hour overview
Foreign investment still plays a significant role in the Czech economy. Blackstone recently received permission from the antimonopoly authority to acquire ten logistics parks in the country. The move underlines the attractiveness of the real estate and logistics sector in the Czech Republic for international investors and reflects confidence in the country's economic stability and growth potential.
Important events from the Czech Republic
Česká spořitelna has made a significant change in the financial sector that has affected account holders. Dispositors, i.e. persons authorised to manage someone else's account, now have an overview and control over these accounts through the George internet banking platform. This update took many by surprise, especially those who were unaware of the existence of disposition holders on their accounts, leading to concerns about account security and privacy.
In the automotive industry, Škoda Auto has expanded its range of electric vehicles on the Czech market with the launch of the new Škoda Elroq. This model offers various configurations and meets the growing demand of Czech consumers for electromobility solutions. This move is in line with global trends towards sustainable transport and reflects Škoda's commitment to innovation.
Significant events outside the Czech Republic with global impact The Consumer Electronics Show (CES) 2025 in Las Vegas is attracting a lot of attention on the world stage. Traditionally a platform for technological innovation, this year's event is overshadowed by concerns related to potential political changes under the Trump administration. Exhibitors and industry giants are concerned about how these changes could affect international trade and technology sectors, suggesting a period of uncertainty for global markets. In energy markets, US natural gas prices are experiencing a spike due to forecasts predicting the arrival of the polar vortex. Such weather events typically lead to increased heating demand, which affects global energy prices. The ripple effect of these price changes is expected to impact energy importers around the world, including the Czech Republic, which may affect domestic energy costs.
Overview of the main macroeconomic indicators from the Czech Republic: January 2025
HDP Q3 1,4%
Latest GDP forecast by the Czech National Bank: (annual GDP change)
2024: 1.0 %
2025: 2.4 %
2026: 2, 4 %
HDP: 342 990 000 000 USD
GDP per capita: 33 040 USD
GDP purchasing power parity: 645 540 000 000 USD
Average gross nominal wage Q3 2024: 45 412 CZK (+7%)
Minimum wage: 20 800 CZK
Interest rate (December 2024): 4%
Inflation rate - consumer price index (annual) 2.8 %
Inflation rate - consumer price index (month-on-month) 0.1 %
Average annual inflation (2023): 10.7% (2022: 15.7%)
Industrial producer price index (annual) 1.7 %
Market services price index (annual) 3.7 %
Construction work price index (annual) 2.5 %
Agricultural producer price index (annual) 5.5 %
Money supply M3 (October 2024): 7 002 614 340 000 CZK
Money supply M3 (2002): CZK 1 339 928 850 000
(M3 reflects the total amount of money in circulation in the economy)
Deficit/surplus of public finances Q3 2024: -34 406 000 000 CZK
Consolidated public debt Q3 2024: CZK 3,449,937,000,000
Population 2024/9: 10 897 237
Total number of economic operators 2023: 2 800 294
Number of economic entities with identified activity 2023: 1 668 516
Number of natural persons in business 2023: 1 968 473
Sources:
Czech Statistical Office, official website accessed 3.1.2025, https://csu.gov.cz/
Czech National Bank, official website, accessed 3.1.2025, https://www.cnb.cz/
Czech National Bank - Monetary Policy Report - Autumn 2024 page 19, accessed 28.12.2024
International Monetary Fund, official website, accessed 4 January 2025, https://www.imf.org/
GH
photo: europarl.europa.eu
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