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ZLATOVNA ECONOMIC NEWS
A quick look at what's new in the world of economic policy, finance and precious metals.

Economy: The minimum wage will increase to 18,900 CZK, four out of eight guaranteed wages will increase. The outcome of the CNB's negotiations on interest rates is uncertain, according to analysts. Inflation in November was 7.3 percent, experts expect a sharp drop in January. One of the most cited Czech economists, Milan Zelený, has died, he was 81 years old. The World Bank expects global growth to slow to 2.4 percent this year. Inflation slowed to 6.9 percent in December, a significant drop is expected next year. Approximately 100,000 people will have to file property tax returns in January. Analysts estimate December inflation between 7.2 and 7.5 percent and 10.8 percent for the year. Survey: Company CEOs believe inflation will continue to fall, but will remain higher. Czech National Bank cuts interest rates, Michl says inflationary pressures are fading. Czech National Bank Vice Governor: Decision to adopt the euro requires broader political consensus. Bloomberg: The transition to electric cars threatens suppliers in the Czech Republic and Slovakia. Analysis: Inflation in the Czech Republic was the fifth highest in Europe in December, and the sixth highest in November. The Czech National Bank's Bank Board is divided on whether to further cut rates. Real sales of Slovak retail fell for the tenth consecutive month in November. Unemployment in the Czech Republic rose in December, according to analysts due to seasonality. The inflation rate in Turkey accelerated to 64.8 percent in December, the highest in a year. The global value of mergers and acquisitions fell below three trillion dollars this year. CNB: Czech Republic's foreign debt rose to CZK 4.546 trillion in Q3. Survey: Inflation is feared by 49 percent of Czechs, it is the main source of concern. Retail trade in the Czech Republic after 18 months of year-on-year growth, according to analysts, a surprise. Business activity in the eurozone surprisingly decreased again in December. Experts: The decline in construction is not surprising, production will start to grow this year. CNB: Czech households' debts to banks rose to CZK 2.244 trillion in November. Industrial and construction production fell in November, foreign trade did well. BCG data: The fewest mergers were concluded in the Czech Republic in the third quarter since 2014. Frolík: The Czech Republic lacks a long-term strategy agreed across the political spectrum.

Stock exchanges: The Czech National Bank almost tripled the volume of gold in its reserves last year to 30.67 tons. The price of gold rose the most in three years this year and ended above 2,000 USD.

Finance: ČSOB analysts: Inflation in the Czech Republic will fall next year, GDP growth will be weak. The Turkish central bank raised the base interest rate to 42.5 percent. The German central bank significantly worsened the economic outlook for next year. Bloomberg: Billionaire Vítek founded companies in the emirate of Abu Dhabi. BlackRock will take over Global Infrastructure Partners for 12.5 billion USD. Survey: Christmas will be more modest this year, 60 percent of Czechs will save on gifts. ČSOB estimates: The volume of mortgages provided last year fell by 25 billion to 138 billion CZK. The US central bank left interest rates unchanged, indicating a reduction next year. Wells Fargo bank increased its profit in the quarter thanks to lower costs. US public debt exceeded USD 34 trillion for the first time. Iran and Russia will not trade in dollars, but in their own currencies. Survey: The number of Czech households with savings increased to 71 percent last fall. The Russian central bank, as expected, increased the base interest rate to 16 percent. The debt of government institutions rose to CZK 3.214 trillion in the third quarter of last year. Raiffeisenbank analysts: The Czech Republic's GDP will grow by 1.7 percent next year. Survey: Over 27 percent of Czechs rate 2023 as financially successful, more than last year.