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
Impact of Tourists on the Economy - AmCham Hospitality Recovery Proposal
International tourism contributes more to the country’s economy than is revealed in national statistics. Not only do tourists serve an “export” role by spending income earned abroad at Czech hotels and in other industries designated as the tourist sector, but tourists also support the restaurant, retail, culture, banking (through withdrawal fees), telecommunication, and transport industries. National and city assessments of the economy do not assess this impact. We estimate, conservatively, that tourists contribute CZK 11,189 per night spent in Prague.
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Inflation is hampered by cheaper food, with core inflation remaining high
Due to a fall in food prices, inflation slowed down more than expected. Core inflation remains elevated. We still expect inflationary pressures will ease due to weakened demand. At the beginning of the year, inflation should be below 2%. Inflation is below market and CNB expectations, and speculation on future rate hikes is declining.
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Czech Investment in ICT Equipment, Software at 4.3% of GDP
In 2019, companies and public administration invested almost CZK 245 bn in ICT equipment and software. Investment in software and databases has been growing at a significantly faster pace, accounting for two-thirds of the total investment in ICT, than investment in ICT equipment. More than 18% of the total R&D expenditures in the country were spent in the ICT industry.
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