Czech Finance Minister: we may not afford road construction and R&D
Average wages in Poland are increasing
Delfi informs that wind power production in Lithuania soars. In H1’2017 it increased by 40 per cent y/y. The total output was 663 gigawatt-hours (GWh) and accounted for half of the country’s total electricity output.
Developing energy from renewable sources is one of the pillars of Lithuanian energy policy which aims at reducing the dependence on imported fuels. As of June 7th, 2017 Lithuania has 163 wind plants. An interactive map of the wind farms and other power plants (solar, biofuel, hydropower) is here.
The most efficient wind farms are located in north-western Lithuania – Mazeikiai.
Earlier this year Swedish IKEA has announced it had purchased a 45-megawatt (MV) wind farm in the Mazeikiai – consisting of 19 turbines. The details of the deal were not revealed.
Czech Finance Minister Ivan Pilny claims the Czech Republic is facing two major challenges. If they won’t be addressed, the future will be gloomy. Prague Daily Monitor reports Pilny saying recently that the pension system is not suitable, so the country won’t be able to pay out pensions soon. He also stressed that the country hasn’t got enough funds to finance roads construction, as well as R&D, thus when the EU funding stops the development will be curbed.
According to Pilny, “the Czech pay-as-you-go pension system has no future (…) If people do not have their own savings in old age, they will have to work almost until the end of their lives”. It is true the Czech Republic copes with two demographic challenges: ageing population and the low natality. This is a nation of about 10.5 million in which older adults are overrepresented. Life expectancy increases (now it is 76 for men and 82 for women).
According to the forecast, there will be 217,000 men and 377,000 women over 80 by 2025. By the mid-2050, the figures are to surge to 491,000 and 689,000 respectively. In the Autumn 2016 2.39 million people received old-age pensions, and the average pension was CZK11,411 (EUR437). Since January it’s CZK11,720 (EUR449). The pension consists of two parts: the fixed part (now CZK2,550) and the part derived from the recipient’s previous wage combined with the number of years at work.
The Polish Radio reports that average wages in Polish companies increased by 6 per cent m/m in June 2017. According to the Central Statistical Office the average monthly pay was PLN4,508 (EUR1,070).. In May 2017 wages grew by 5.4 per cent y/y.
At the same time the companies hire more staff than in 2016. employment is up 4.3 per cent.
What’s up in indexes
BET (of Bucharest) increased from 8,159.29 index points Monday, July 17th to 8,214.07 index points Tuesday, July 18th. It’s up 0.72 per cent d/d and up 24.01 per cent y/y.
BUX (of Budapest) decreased from 36,140.65 index points Monday, July 17th to 35,904.22 index points Tuesday, July 18th. It’s down 0.65 per cent d/d and up 32.55 per cent y/y.
CROBEX (of Zagreb) decreased from 1,853.82 index points Monday, July 17th to 1,843.91 index points Tuesday, July 18th. It’s down 0.53 per cent and up 9.73 per cent y/y.
OMXR (of Riga) increased from 981.92 index points Monday, July 17th to 982.77 index points Tuesday, July 18th. It’s up 0.09 per cent d/d and up 55.84 per cent y/y.
OMXT (of Tallinn) increased from 1,189.45 index points Monday, July 17th to 1,197.81 index points Tuesday, July 18th. It’s up 0.70 per cent d/d and up 18.44 per cent y/y.
OMXV (of Vilnius) increased from 611.70 index points Monday, July 17th to 616.63 index points Tuesday, July 18th. It’s up 0.81 per cent d/d and up 17.39 per cent y/y.
PX (of Prague) increased from 1,005.36 index points Monday, July 17th to 1,008.04 index points Tuesday, July 18th. It’s up 0.27 per cent d/d and up 15.83 per cent y/y.
SAX (of Bratislava) decreased from 334.76 index points Monday, July 17th to 331.08 index points Tuesday, July 18th. It’s down 1.10 per cent d/d and up 6.25 per cent y/y.
SOFIX (of Sofia) decreased from 710.93 index points Monday, July 17th to 707.10 index points Tuesday, July 18th. It’s down 0.54 per cent d/d and up 56.91 per cent y/y.
UX (of Kyiv) increased from 1,040.08 index points Monday, July 17th to 1,058.69 index points Tuesday, July 18th. It’s up 1.79 per cent d/d and up 48.29 per cent y/y.
WIG20 (of Warsaw) decreased from 2,372.17 index points Monday, July 17th to 2,360.75 index points Tuesday, July 18th. It’s down 0.48 per cent d/d and up 32.02 per cent y/y.