Business News

Photo: van Wouter Hagens, Creative Commons 3.0

In Business News this week: Czech foreign debt grows to CZK 2.9 trillion in second quarter; hop harvest worst in 45 years; Czech aviation firms increase turnover by 15 percent; and Czech Republic has EU’s highest number of breweries per head.

Czech Republic’s foreign debt grew to 2.9 trillion in second quarter of 2015

Photo: Miroslav Zimmer
The Czech Republic’s foreign debt grew by CZK 137 billion year-on-year to CZK 2.9 trillion in the second quarter of this year, amounting to 66.4 percent of gross domestic product, the Czech National Bank said on Friday. The foreign liabilities of the government sector accounted for 21.3 percent of the total external debt, while the banking sector is responsible for 29.4 percent. The external liabilities of the corporate sector accounted account for the remaining 49.3 percent.

Hops harvest of worst in 45 years

Photo: van Wouter Hagens, Creative Commons 3.0
This year’s Czech hop harvest is likely to be the worst in the past 45 years, the Hop Growers Association announced this week. According to preliminary results, the yield of hops this year dropped by 35 percent compared to 2014, to 4100 tonnes of hops. Czech hop growers expect a slump in profit amounting up to 350 million crowns, the chairman of the Hop Growers Association, Luboš Hejda, said. This year’s crops were damaged by very high temperatures and droughts. Dry weather has also caused hops to have a lesser concentration of alfa acids, which are responsible for the bitter flavour in beer.

Czech aviation firms increase turnover by 15 percent

Photo: Public Domain
Czech firms associated in the Confederation of the Czech Aviation Industry this year have increased their turnover by 15 percent compared to the previous year to CZK 11.9 billion, the association’s representatives said this week. Last year’s export amounted to CZK 10.5 billion. Thanks to a growing number of commissions last year, the number of employees in the Czech aviation industry increased by 14 percent. However, firms are complaining of a lack of people with adequate technical qualification.

Czech Republic has highest number of breweries per head

Photo: Michal Klajban, CC BY-SA 4.0
The Czech Republic has the highest number of breweries per head among EU countries. According to data released this week by the European Association of Breweries there is one brewery for 31, 333 people in the Czech Republic. Denmark placed second with one for every 37,500 people, followed by Austria, Lithuania and Great Britain. The Czech Republic moved to first position from last year’s third place. According to the monthly Pivo, Bier & Ale, there are currently 336 breweries in the Czech Republic.

Čedok owner buys luxury hotel complex in Croatia

Photo: CTK
The Odien financial group, which owns the Čedok travel agency in the Czech Republic, has acquired a luxury hotel complex in Croatia’s Split from the Austrian state company Heta Aset Resolution, the marketing head of Čedok, Tomáš Brejcha, announced this week. The transaction reportedly amounted to billions of crowns. Grand Hotel Lav is the biggest five-star hotel in Croatia. It features over 380 rooms, 800 metres of beaches and promenades, a private marina and one of the country’s largest conference facilities. According to Mr Brejcha, the hotel will also be available to Čedok clients.