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Oil prices on world markets have been growing recently mainly due to the political crisis in Venezuela and the looming war against Iraq. Although the oil prices decreased slightly after the oil cartel OPEC hinted it might increase output to compensate for the dropout in Venezuela's exports, the main risk factors remain in place. The Czech Republic is dependent on oil imports and turbulence on the oil market can seriously affect its economy. However, a favourable exchange rate for the Czech crown to the US dollar is helping to compensate for the

The cabinet has suspended its discussion of the long-awaited fiscal reform aimed at stopping the growth of the public finance deficit. Pilots working for the Czech national air carrier, Czech Airlines (CSA) have reportedly threatened to go on strike to support their wage demands. U.S. manufacturing conglomerate Honeywell has chosen the Czech city Brno for a planned global design center. Czech internet users will be able to get a broadband connection using the ADSL technology with a 3-month delay in March.

Extremely low inflation, appreciation of the currency, high demand, growing unemployment and trade gap, and unsustainable increase in public finance deficits - that's in a nutshell what the year 2002 was like. More...

Czech central bank recommends adopting euro in 2007. Number of foreign tourists to be 15 pct lower this year. Two thirds of Czechs get lower than average wages. Temelin's second reactor reconnected to grid after 4-month shutdown. CzechTrade to open new office in Copenhagen in January. Czechs more satisfied with living standards than 4 years ago.

Click here for a brief overview of some of the important economy and business-related events expected to take place in 2003.

Bill on 2003 State Budget Deficit Passed. Finance Minister Details Budget Reform Plan. Public Sector Salaries To Rise In New Year. Two Japanese companies to build manufacturing plant in Plzen. Seven former IPB bank executives charged with abuse of confidence. European Union Will Protect Budejovice Beer Designations. Retail revenue growth slows down in October. Czech and Slovak economies before and after the dissolution of the common.

According to a recent study, more than 40 percent of working time is spent in an unproductive way in Czech economy. At the same time, managers are rather sceptical as to the possibilities of improvement. However, productivity growth potential is estimated at around 30-percent.

Inflation reaches another all-time low but unemployment causes growing concerns. Efforts to revitalise northern regions worst-hit by unemployment continue. Czech doctors are prepared to push their wage demands by going on strike. Economic crime in Northern Moravia has been on the increase.

Just a few days ago, the Czech government's trade promotion agency, CzechTrade, became the third such agency in Europe to receive the ISO 9001:2000 certificate in what can be seen as a pioneering project of introducing a quality management system to the state sector.

The Czech Telecom privatisation deal has definitively fallen through. Czech average wage grows, as does the minimum officially guaranteed wage. Trade minister would like to boost trade with Eastern developing countries. State budget deficit rises by 9.4 billion in one month. More redundancies expected at the national rail carrier Ceske Drahy. The current account gap for the third quarter reached just over 50 billion crowns. Finance Minister has announced a package aimed at reforming the health care system.