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After experiencing the worst state deficit in history, current data suggests that the Czech Republic will need 5 years to recover its losses, Petr Holub reports for Seznam. According to the Český statistický úřad (Czech Statistical Office), the last quarter of 2020 saw a contraction of 5% year on year, mainly because of the second lockdown introduced in October.  The ČSÚ notes that the most negatively impacted sectors were trade, transport, restaurants and hotels, all experiencing big losses.  “The year-on-year decline was mostly due to the steep decline in household consumption expenditure,” they said.  According to Eurostat, what saved the Czech Republic from entering a complete economic apocalypse was the foreign demand for local products, keeping the country’s losses atContinue Reading

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According to the Czech Statistical Office, the Czech Republic experienced the highest inflation rate seen in the last eight years. The raised prices on groceries and housing bills are some of the factors which influenced this year’s index. Consumer prices increased on average by 3.2 percent last year, which is the highest increase since 2012. The current inflation rate is even higher than the last year’s one – 2.8 percent. “This was the highest average annual inflation rate since 2012. Prices of goods in total and prices of services rose by 3.2 percent last year,” Pavla Šedivá, the Head of the CZSO Consumer Price Statistics Department, stated. December’s usual increase in prices slowed down for the fifth time in aContinue Reading