Economic policy / Macroeconomic Indicators, Economic Growth
This section reports on economic policy initiatives of the Czech government, the EU, and other entities that have a direct impact on the competitiveness of the country. It also includes information on economic priorities of the AmCham and other leading associations.
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Despite strong wages, inflation eased further
Average wages in the last quarter of 2017 accelerated massively on the back of an increase of salaries in the public sector, but the impact on inflation is so far limited. Core inflation eased due to strong base effects. Headline inflation is thus set to decrease to 2%. Monthly data from the real economy are set to confirm the sound dynamics of the economy at the beginning of the year, Komerční banka says.
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ING Bank Czech Republic: GDP growth in 4Q17 at 5.1% YoY
The first estimate of the GDP growth in 4Q17 is 5.1% (0.5% QoQ). Though slightly below market estimates, it confirms the good shape of the Czech economy. In 2017, the Czech economy accelerated by 4.5%, ING Bank Czech Republic writes.
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Domestic economy did not surf the strong global growth wave in 4Q
The flash estimate for Czech GDP growth in the last quarter of 2017 showed a relatively weaker performance of the domestic economy compared with its regional peers. The qoq GDP dynamics printed 0.5% while yoy growth recorded 5.1%. According to the CZSO’s comments, the strong dynamics were driven by all demand components. That corroborates our estimates, but we expected a slightly stronger magnitude of demand. In a qoq comparison, Czech GDP did not even match the dynamics of the German economy. The lack of an available labour force probably played a role to some extent. Employment remained at the same level as in the preceding quarter while it increased 1.5% in yoy terms, Komercni banka says.
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