In Business News this week: Inflation is at a five-year high, with growth driven by food price increases; unemployment, meanwhile, is at a nine-year low of 5.8 percent; the cabinet is to discuss the Czech Republic's relatively low investment in science; the Czech Republic is becoming less competitive, says the EC, echoing a recent OECD report; and the first step is taken towards privatising Prague Airport.
Inflation at five-year high...
...while unemployment falls to nine-year low
Unemployment in the Czech Republic is at a nine-year low. In October the jobless rate was 5.8 percent, down from 6.2 percent the month before. Almost 350,000 Czechs are out of work. The fall in the unemployment rate has been ascribed to both seasonal factors and high demand for labour.
Cabinet to discuss investment in science
The Czech Republic invests only 1.42 percent of its gross domestic product in science, according to a new report by the OECD quoted in Hospodarske noviny. That is half the amount invested by states such as Finland, the USA and Japan. With the cabinet due to discuss the report this month, Czech Prime Minister Mirek Topolanek said the government wanted the country to be among the world's best in this area in the future.