In Business News: the unemployment rate drops to 4.9 percent, lower house backs hike in gambling charges, new car sales continue to surge, Czech Republic seeks to recruit qualified Ukrainians and shadow economy makes up 15 percent of Czech GDP.
Czech unemployment rate drops to 4.9 percent in third quarter
Photo: Filip Jandourek, Czech Radio
The unemployment rate in the Czech Republic has dropped to 4.9 percent and is the lowest since 2008, according to data released by the Czech Statistics Office. In the third quarter labour offices registered just over 257,000 unemployed, down by 55,000 compared to the same period last year. According to analysts the figures confirm the revitalization of the Czech economy which is in its best shape since the global crisis.
Lower house committee backs hike in gambling charges
Photo: Filip Jandourek
The lower house of parliament’s budget committee on Wednesday gave overwhelming support to a government proposal to hike taxes on gambling. The government proposal counts on betting taxes climbing from the current 20 percent to 23 or 28 percent. Daily taxes on slot machines should also rise by around a third. The combined measures should bring in an extra 2 billion crowns. Parliament should vote on the proposed measure by the end of this month.
New car sales continue to surge in October
Photo: Škoda Auto
New car sales in the Czech Republic are continuing to surge. Sales in the first 10 months of the year ending October are up just over 19 percent compared with the same period in 2014. Total sales stand at just over 191,000. The Škoda Octavia is the most popular single model counting for around one car in 10. Manufacturer Škoda Auto has around a third of the total new car market in the Czech Republic followed by Volkswagen with just over a fifth.
Czechs seek to recruit qualified Ukrainians with fast track visas
Photo: watcharakun / FreeDigitalPhotos.net
Speeded up and simpler visa procedures will be offered in November to Ukrainians who may be able to work as IT specialists or expert technicians in other fields. The speeded up blue cards will be launched as a pilot project for up to 500 Ukrainian university and high school graduates who can fill immediate vacancies.
Shadow economy makes up 15 percent of Czech GDP
Photo: Barbora Kmentová
The shadow economy makes up 15 percent of the Czech GDP, according to data released by the Czech Statistics Office. Transactions to the tune of 614 billion crowns annually go untaxed. In addition to large-scale VAT evasion this concerns undeclared income from smaller transactions in cash for services provided. According to the Centre for Economic and Market Analyses the overall sum lost to state revenues could help create 1.5 million new jobs.
