Business News

Business round-up this Friday: Brexit will slow Czech economy says analysts; government commits to teacher pay rise; Country plans for more agricultural attachés; Fruit harvest expected to see 28 percent drop.

Brexit to slow down Czech economy: analysts

Photo: Renjith Krishnan / FreeDigitalPhotos.net

Brexit could slightly slow down the growth of Czech economy in 2016, economic analysts predict. According to estimates, the growth of the country’s Gross Domestic Product could drop by several tenths of a percentage point. Despite Brexit, the Czech economy is expected to grow by about two percent this year. The slow- down will be caused by a weakening demand for export to the EU, fuelled by uncertainty on world markets. At the same time, experts say that economic relations with Great Britain are not threatened in any way.

Government commits to minimum six percent pay rise for teachers

The country’s teachers should see a pay rise next year of at least six percent (but as high as eight depending on personal evaluation); the news was confirmed via twitter by Prime Minister Bohuslav Sobotka. In his tweet, the prime minister stated that teachers and education were a priority for the government; teachers' unions have been pushing for an increase of at least 10 percent. Besides education, the government is putting special emphasis on the health sector and science, the prime minister added. The draft budget, as outlined, is counting on a deficit of 60 billion crowns next year.

Czech Republic planning to post more agricultural attachés abroad

The Czech Republic wants to post agricultural attachés with diplomatic status in three more countries in the coming months, the Czech Agriculture Ministry confirmed on Thursday. Prague already has agricultural attachés in Saudi Arabia, China, Russia and Serbia and wants to post them in the US, Japan and Lebanon in the near future. Their main task is to assist Czech firms in finding new export opportunities.

Fruit harvest expected to see 28 percent drop year-on-year

The 2016 fruit harvest is expected to see a 28 percent drop year-on-year due to the late frosts which hit the country at the end of April. Fruit growers estimate losses of around 400 million crowns. According to the head of the Fruit Growers Union Martin Ludvik the fallout should not affect prices on the market. The most severe damage is reported in southern Moravia.

Hotel to open in Prague’s Dancing House

Part of the Dancing House, perhaps Prague’s most distinctive modern building, is to be turned into a hotel. The four-star Dancing House Hotel will accommodate its first guests in August, the operators said. It will offer 21 rooms, including suites in the towers of the Dancing House, which was designed in the mid-1990s by the world-renowned Frank Gehry and local architect Vlado Milunič.