Daily economic news from the Czech Republic: overview of the past 24 hours (24.1.2025)

Overview of the latest economic events in the Czech Republic

In the past 24 hours, revised data on the Czech Republic's gross domestic product (GDP) for 2023 were published. According to these data, GDP fell by 0.4 % year-on-year. This development was mainly influenced by a decline in household consumption and investment. In contrast, foreign trade had a positive impact on GDP, mainly due to export growth.

Foreign investments - trends and attractions: 24-hour overview

There has been a significant announcement in the area of foreign investment. Siemens plans to invest CZK 1.5 billion to expand its production capacity in the Czech Republic. This investment should create approximately 500 new jobs and strengthen the Czech Republic's position in the field of modern technologies.

Significant events outside the Czech Republic with global impact

At the global level, there were several events with a potential impact on the Czech economy. Oil prices on the world markets recorded an increase of 2 % due to geopolitical tensions in the Middle East. This development could lead to an increase in fuel prices in the Czech Republic. Furthermore, the European Central Bank announced a planned 0.25 percentage point increase in interest rates, which may affect credit conditions for Czech businesses and consumers.

Impact on the Czech economy

The GDP decline of 0.4 % in 2023 suggests the need to support domestic demand and investment. Siemens' investment represents a positive boost for Czech industry and the labour market. However, rising oil prices may increase transport and production costs, which could be reflected in the prices of goods and services. An increase in interest rates in the euro area could affect the availability and cost of credit for Czech entities.

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