Economic policy / Macroeconomic Indicators, Economic Growth
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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AmCham suggests steps to achieve innovative economy in 2020 Letter on Priorities
The American Chamber of Commerce in the Czech Republic (AmCham) has suggested twelve steps that could be taken in 2020 that would help the Czech Republic become a top ten EU economy by 2025. Adjusted for the progress of the past two years and the government's new innovation strategy, the new Letter on Priorities sets four strategic directions: high-tech manufacturing, innovative cities, government policies that drive innovation, and government as an competitive advantage. For each strategic direction, the letter recommends steps that would align the country's key assets- people, technology, infrastructure, and government- to these strategic goals.
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Czech industry weakened slightly at the beginning of the year
At the beginning of the year, industrial production weakened roughly as expected, as car production declined. Domestic orders fell sharply. We expect manufacturing to weaken for the entire first quarter. The brake is on the supply of components and restrictions for workers due to the pandemic. In the coming quarters, production growth should continue, reaching less than 10% for the whole year.
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Czech Republic: Retail sales weaker amid tighter restrictions
January retail sales fell more than expected in January given tighter pandemic restrictions, which were partially eased in December. The year-on-year rate showed a drop of 9.5% or -6.5% if adjusted for working days. Given the unfavourable pandemic situation, 1Q figures will remain weak
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Inflation continues to slow down gradually
Inflation slowed in February due to stagnant food prices but also due to a core component that does not include food prices. On the other hand, fuels prices became more expensive. The base effect will increase the annual inflation rate in the coming months. We still expect the CNB to raise rates in the last quarter of this year.
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