Business Briefs

Na Prikope Street

The Finance Ministry has predicted faster GDP growth, Prague houses one of the most expensive streets in the world, and household debt is on the increase.

Finance Ministry revises growth forecast

Na Prikope Street
The Finance Ministry last week revised its 2004 GDP growth forecast upwards, from 3.1 percent to 3.8 percent and predicted that in the foreseeable future, GDP growth should continue to reflect the affects of EU accession. For next year, the Finance Ministry is predicting GDP growth of 3.6 percent, up from the 3.2 percent predicted in July.

Prague houses one of the world's most expensive streets

The property consultancy Cushman & Wakefield Healey & Baker found in a survey that Prague's Na Prikope Street ranks as the world's 18th most-expensive location. According to the "Main Streets across the World 2004" survey, average rent on Na Prikope has risen by over 7 percent year on year, to 1,800 euros per square metre annually.

Japanese investment plan

The Japanese company Toyo Radiator has announced that it will invest in a new heat exchanger production plant in the Czech Republic. In the first phase, the company intends to invest at least half a billion crowns and create over 100 new job positions in the region.

VW importer pulls out of soccer sponsorship deal

The Czech Soccer Association has lost a possible sponsor of their Cup due to a recent referee bribery scandal. Import Volkswagen Group, which imports the VW cars into the Czech Republic, withdrew from its plans to provide several million crowns to the competition over the next two years, a company spokesman said. Two clubs in the top Czech League and two in the Second Division, have been linked to the scandal.

Czech household debt is on the up

Czech household debt grew by 7.5 billion crowns in September, the Czech National Bank announced last week, and now stands at close to 285 billon crowns. Over the past year, households increased their debt by 70 billion crowns, while loans to companies have risen by nearly 40 billion crowns.