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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Spotlight issue
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 retail sales were hit hard by the closure of shops
The closure of shops brought a significant drop in November retail sales. Sales in clothing and footwear stores decreased 78% year-on-year. However, the food segment did not escape the declines, either, and car sales also fell sharply. The easing of restrictive measures in December gives hope that the December figure could turn out better.
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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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