Competitiveness / Macroeconomic Indicators, Economic Growth
This section feature research, opinion and progress reports on how the Czech Republic compares to other EU countries economically. It includes analysis of international rankings such as the WEF and World Bank.
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Spotlight issue
MinFin activity is significantly lower year-on-year
Issuance activity: MinFin is scheduled to auction CZK5bn in a five-year bond and CZK3bn in a seven-year bond today. The shorter bond recorded solid demand (b/c 2.6) in its first auction two weeks ago. Since then the yield has decreased slightly, but in ASW terms the bond is cheaper. At the same time, the low supply of shorter maturities in recent years supports great market interest. On the other hand, the longer bond probably has the last auction ahead, which is also reflected in falling demand. Thus, MinFin has exhausted its current issues in this maturity segment. For March, MinFin plans four auctions including a new 11-year issue in a maximum volume of CZK15.5bn. Despite this rich offer of new bonds, MinFin activity is significantly lower compared with the first quarter of last year.
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Czech Republic sees weaker growth and higher inflation
The Czech economy slowed down more than expected in 4Q19 but inflation surpassed market estimates mainly due to stronger than expected food prices
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CNB unexpectedly increases rates
The Czech National Bank unexpectedly raised interest rates at today's meeting by 25bp to 2.25%, with four of the seven board members voting for the hike. We expect the key rate to remain unchanged now before a cut at the turn of the year.
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