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Czech Republic: growth in private building sector

Mar 31, 2003
Czech Republic: growth in private building sector31/03/2003 - The private house and apartment building sector in the Czech Republic expanded by 16% in 2002. The greatest increase was reported in Prague and central Bohemia, whereas growth was limited in Karlovy Vary and in Usti nad Laben, on the northern border with Germany. Some 14,000 houses and apartments were modernised and renovated last year, the large majority of which are located in the Prague region.

In spite of the high level of unemployment, which reached 10.2% last February, the building sector is expected to continue to grow in 2003. This fuels hopes of a recovery of the Czech economy as low interest rates encourage the Czechs to buy new or renovate old houses.

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