Business News

In Business News: Statistics office confirms Czech economy grew by 4.3 percent in 2015; CEFC boosts stake in Travel Service to just under 50 percent; Škoda to double its deliveries to China by 2020; CzechTourism: Over 350,000 Chinese visitors expected in 2016; Prague council backs purchase of Bohemians 1905 stadium.

Statistics office confirms Czech economy grew by 4.3 percent in 2015

Photo: cuteimage / FreeDigitalPhotos.net

The Czech economy grew by 4.3 percent in 2015 compared with the previous year, the Czech Statistical Office reported Thursday in news which confirmed its earlier prediction of GDP growth. The office also confirmed its 4.0 percent growth year on year figure for the last quarter. The 2015 growth is the best the Czech economy has achieved over the last eight years. Separate figures showed the average Czech wage last year climbed to 26,787 crowns, a rise of 2.6 percent on 2014.

CEFC boosts stake in Travel Service to just under 50 percent

Chinese company CEFC has boosted its stake in Czech airline operator Travel Service to 49.9 percent, the business daily E15 reported Thursday. Previously, CEFC had a stake of around 10 percent. As well as operating scheduled and regular flights, mainly through the carrier SmartWings, Travel Service also owns a third of the national airlines Czech Airlines (ČSA). The increased Chinese stake should allow SmartWings to boost its offer of scheduled flights according to management.

Škoda to double its deliveries to China by 2020

Photo: Škoda Auto

Czech car producer Škoda Auto wants to double its deliveries to China to over half a million cars by 2020, the company announced in a press release on Wednesday. Last year the Czech carmaker sold 281,700 cars in China. The company also plans to invest over 50 billion crowns into the development of new technologies. Representatives of Volkswagen, Škoda Auto and Chinese SAIC Motor Corporation signed a memorandum on their future cooperation at the Czech-Chinese business forum in Prague on Wednesday. At the moment, the Chinese market represents about one fourth of the company’s worldwide sales.

CzechTourism: Over 350,000 Chinese visitors expected in 2016

Over 350,000 Chinese tourists could visit the Czech Republic in 2016, according to the state agency CzechTourism. Last year the figure was 285,000. Most visitors from China enter this country from another European state. However, the number arriving by air last year reached 50,000, a year-on-year jump of nearly 50 percent that followed the introduction of direct flights between the two countries.

Prague council backs purchase of Bohemians 1905 stadium

Photo: Kristýna Maková

Prague City Hall has agreed to buy most of the stadium of top flight football club Bohemians 1905. The council has agreed to pay 121.1 million crowns for the Ďolíček stadium in Prague 10 district with the club chipping in around 7.0 million crowns. Several dozen Bohemians fans turned up at the council meeting to back the purchase from the current owner, the company Bohemians Real. The club, nicknamed the Kangaroos after a famous tour of Australia, had feared they might have to quit the stadium at the end of this season. In the past, various real estate development projects have been mooted for the prime Prague site.