{"id":7371,"date":"2019-08-08T00:00:00","date_gmt":"2019-08-07T22:00:00","guid":{"rendered":"https:\/\/www.rozpoctovarada.cz\/the-czech-economy-is-expected-to-grow-by-2-5-this-year-according-to-the-ministry-of-finance\/"},"modified":"2022-12-29T22:13:12","modified_gmt":"2022-12-29T21:13:12","slug":"the-czech-economy-is-expected-to-grow-by-2-5-this-year-according-to-the-ministry-of-finance","status":"publish","type":"post","link":"https:\/\/www.rozpoctovarada.cz\/en\/the-czech-economy-is-expected-to-grow-by-2-5-this-year-according-to-the-ministry-of-finance\/","title":{"rendered":"THE CZECH ECONOMY IS EXPECTED TO GROW BY 2.5% THIS YEAR ACCORDING TO THE MINISTRY OF FINANCE"},"content":{"rendered":"

Czech GDP will grow by 2.5% this year. This is according to the Ministry of Finance\u2019s macroeconomic prediction<\/a>, published on Wednesday 31 July. Compared to April\u2019s quarterly prediction, the Ministry of Finance has raised its growth prediction by 0.1%. However, the ministry is also predicting a fall in growth of 0.1% in GDP next year. In 2020, the Czech economy should therefore grow by 2.3%. \u201cThe slowdown in global economic growth, which began in 2018, will continue this year. This will especially manifest in increased protectionism and escalating tension in international trade and related uncertainty between traders and consumers about future economic development. Risks are also noticeably spreading downwards,\u201d the new prediction stated. According to the ministry, a fundamental source of uncertainty is the climax of the United Kingdom\u2019s exit from the European Union.<\/p>\n

Another unknown is the economic development of the Czech Republic\u2019s largest export partner\u2014Germany. The Ministry of Finance\u2019s new forecast is based on an increase of 0.9% in Germany\u2019s GDP this year and 1.5% next year. Chief Economist at ING Bank and Vice-Chairman of the Czech Fiscal Council Jakub Seidler pointed out on his Twitter account that Germany could, however, fare less well. \u201cAn assumption of 1.5% growth for Germany next year seems slightly optimistic. The consensus on the market is slowly nearing 1%, and further downward revisions will probably continue,\u201d he wrote.<\/p>\n

According to the new forecast, Czech economic growth will also be driven by domestic consumption, reflecting rapidly rising wages and exceptionally low unemployment. After last year\u2019s strong growth of 9.5%, wages are expected to grow by a further 7.4%. In 2020, they should rise by another 5.9%. \u201cInvestment in fixed capital and government sector consumption should also contribute to growth this year, though to a lesser degree than last year. Foreign trade should also make a small positive contribution,\u201d the ministry wrote concerning further development this year.<\/p>\n

Economists on the forecasting panel of the Czech Banking Association make similar predictions to the ministry concerning economic development. In their forecast published on 25 July, they predict GDP growth of 2.4% this year and 2.3% in 2020. The Czech National Bank publishes its new forecast on 1 August.<\/p>\n

The Ministry of Finance plans to update its July macroeconomic prediction by 21 August 2019. \u201cThe update will be used in formulating the macroeconomic framework of the draft state budget for 2020 and the budget forecast up to 2022,\u201d ministry spokesperson Michal \u017durovec stated.<\/p>\n","protected":false},"excerpt":{"rendered":"

Czech GDP will grow by 2.5% this year. This is according to the Ministry of Finance\u2019s macroeconomic prediction, published on Wednesday 31 July. Compared to April\u2019s quarterly prediction, the Ministry of Finance has raised its growth prediction by 0.1%. However, the ministry is also predicting a fall in growth of 0.1% in GDP next year….<\/p>\n","protected":false},"author":3,"featured_media":7097,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54],"tags":[],"class_list":["post-7371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nTHE CZECH ECONOMY IS EXPECTED TO GROW BY 2.5% THIS YEAR ACCORDING TO THE MINISTRY OF FINANCE | N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rozpoctovarada.cz\/en\/the-czech-economy-is-expected-to-grow-by-2-5-this-year-according-to-the-ministry-of-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THE CZECH ECONOMY IS EXPECTED TO GROW BY 2.5% THIS YEAR ACCORDING TO THE MINISTRY OF FINANCE | N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada\" \/>\n<meta property=\"og:description\" content=\"Czech GDP will grow by 2.5% this year. This is according to the Ministry of Finance\u2019s macroeconomic prediction, published on Wednesday 31 July. Compared to April\u2019s quarterly prediction, the Ministry of Finance has raised its growth prediction by 0.1%. 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This is according to the Ministry of Finance\u2019s macroeconomic prediction, published on Wednesday 31 July. Compared to April\u2019s quarterly prediction, the Ministry of Finance has raised its growth prediction by 0.1%. However, the ministry is also predicting a fall in growth of 0.1% in GDP next year....","og_url":"https:\/\/www.rozpoctovarada.cz\/en\/the-czech-economy-is-expected-to-grow-by-2-5-this-year-according-to-the-ministry-of-finance\/","og_site_name":"N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada","article_publisher":"https:\/\/www.facebook.com\/narodnirozpoctovarada","article_published_time":"2019-08-07T22:00:00+00:00","article_modified_time":"2022-12-29T21:13:12+00:00","og_image":[{"width":452,"height":644,"url":"https:\/\/www.rozpoctovarada.cz\/wp-content\/uploads\/2022\/12\/MF-AJ.jpg","type":"image\/jpeg"}],"author":"NRR\/UNRR","twitter_card":"summary_large_image","twitter_creator":"@rozpoctova_rada","twitter_site":"@rozpoctova_rada","twitter_misc":{"Written by":"NRR\/UNRR","Est. reading time":"2 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