Central European retailers and manufacturers must reassess their offerings to effectively meet customer demands and shrinking budgets, focusing on perceived price attractiveness and store formats.
Looking back at 2022
The outlook for 2022 given pandemic-related inflation was rather pessimistic. In the 2022 McKinsey & Company CEO Survey of 57 European grocery leaders, 60 percent foresaw worsening market conditions. Time has proven them right, yet they underestimated the extent of economic challenges, as Russia's invasion of Ukraine intensified negative trends, pushing food and energy inflation beyond expectations, and driving consumer preference for cheaper options. Rising inflation surpassed per capita disposable income growth, squeezing household budgets; Central European disposable income increased 10 percent over four years, while 2022's food inflation hit 15 percent. Grocery sales in major Central European markets grew only 4 percent in 2022, down from 9 percent in 2021 due to Ukraine, with similar trends affecting the wider EU retail market (Exhibit 1).
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The most important tax change for 2024 - the government's consolidation package - was approved in its third reading in the Chamber of Deputies on 13 October. PwC's tax experts take the opportunity to analyse the various areas of change in detail.
Technology Agency of the Czech Republic announced Call 1 of THETA 2, a programme supporting applied research and innovation in the transformation and modernisation of the energy sector
Companies can now submit applications to participate in Call 1 of THETA 2
Lufthansa Airlines, DLR, Airbus, MTU Aero Engines and Munich Airport sign Letter of Intent for research cooperation on Power-to-Liquid aviation fuel
- SAF technology of the future: Power-to-Liquid process particularly promising from an environmental and scaling perspective
- Sustainable Aviation Fuels are essential for reducing aviation emissions
Strategic Directions for Czech Economic Policy
- Transition to High-Tech Manufacturing and Exports
- The City Campus as Idea Factory
- Government Programs and Processes That Drive Innovation
- Government as a Competitive Advantage, including Digitization
Read the documents in English and Czech.
In Policy Pipeline policy developments in the Czech Republic and abroad are monitored to bring better understanding of current topics and trends.