(ČIA) The wage results for the second quarter of 2019 confirm that the tension on the labour market has not changed much. In reaction to statistical data, this statement was made by ČSOB analyst Petr Dufek who added that the expectations that the wage growth pace could slow down this year were not fulfilled. Raiffeisenbank analyst Vít Hradil added that this meant that in the nearest months, the Czech economy would be able to rely on strong domestic demand that would compensate for the decrease in foreign demand. Non-export sectors, such as the construction sector and services, will continue profiting from it. Komerční Banka economist Michal Brožka expects the wage growth pace to slow down together with the lower economic pace.
(ČIA) CzechInvest helped negotiate 82 investment plans of local and foreign firms worth CZK 36.7bn for the Czech Republic. Of this, one in five investments is a high-tech project technologically oriented at research and development. In 60 cases, these are expansions of firms already present in the Czech Republic, while 69 investors plan to support their plans by investment incentives.
(ČIA) The Energy Regulatory Office (ERÚ) has started a public consultation process related with principles of the pricing regulation for the regulation period of years 2021-2025 for the segments of the electro-energy and gas industry and for mandatory buyers. The goal of the principles for the 5th regulation period is to support future investments and secure funds for the renovation of grids and secure sufficient quality of provided services.
(ČIA) The main goals of the Czech Republic in the field of artificial intelligence (AI) include securing a safe society, simplifying life for people and winning the European Centre of excellence. The information was provided by the Ministry of Industry and Trade of the Czech Republic (MPO) after the signature of memoranda in the field of AI between representatives of the state and university teams from the Czech University of technology in Prague, the University of Technology in Ostrava, the Faculty of Mathematics and Physics at the Charles University, and members of the Confederation of Industry of the Czech Republic. Czech Vice-PM and Minister of Industry and Trade Karel Havlíček (representing ANO) said that the Czech Republic had a chance to become a global leader in the field of AI. He said that AI was able to significantly improve life in many areas, such as healthcare, education, communication with public administration, trade, services or transport.
(ČIA) Czech Republic's GDP grew by 2.7% y/y and 0.7% q/q in Q2 2019. This stems from a more accurate estimate of the Czech Statistical Office. Economic growth was supported mainly by domestic demand. Gross value added (GVA) grew by 0.7% q/q. Year-on-year, GVA increased by 2.8%. The spending on final consumption increased by 0.8% q/q and 2.9% y/y. Gross fixed capital formation fell by 0.6% quarter on quarter. It grew by 0.9% year-on-year. External trade balance increased by CZK 13.9bn y/y. The number of persons employed in the period under review totalled 5.47 million (+ 0.8% year on year).
In 2Q 2019 the Czech Republic consumed a total of 17.4 TWh of electricity, which represents a y/y increase of 2.5 %. Production fell to 20.2 TWh (-1.1 %).
The net assets value of investment funds was CZK 520.5bn in June 2019. This is a month-on-month increase of CZK 11.6bn and a year-on-year increase of 14.2%.
The Czech economy will grow by 2.6% this year and slightly accelerate to close to the pace of potential output growth over the next two years.
Totally 30,084 customers switched electricity suppliers in July. In the large client segment, there were 608 reported supplier changes.
Distribution companies connected 1,241 new solar installations with a total capacity of 7.51 MW to the grid in H1 2019.