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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EC: Winter 2016 Economic Forecast for Czech Republic: Lower but still strong growth, lower public investment, low inflation, accelerated wage rise, slower imports growth
According to the recently published European Commission's European Economic Forecast, the acceleration of economic activity expected in the EU in 2016 is minor: GDP in the euro area is forecast to expand by 1.7% compared to 1.6% last year. Growth should pick-up further to 1.9% in 2017 but this will depend crucially on a rebound in investment, which has so far remained elusive and is sensitive to the materialisation of the risks surrounding the central scenario. As for the Czech Republic, as an exceptional boost to growth from EU co-financed investment fades, growth is expected to slow to 2.3% in 2016 before picking up again to 2.7% in 2017. The headline government deficit is expected to fall to 1.1% of GDP in 2016 and then to 1% in 2017, the forecast says.
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CNB: Interest rates at technical zero, currency interventions commitment unchanged, GDP growth in 2016 slower than in 2015
At its on 4 February, the Bank Board of the Czech National Bank decided unanimously to keep interest rates unchanged at technical zero. The Bank Board decided to continue using the exchange rate as an additional instrument for easing the monetary conditions and confirmed the CNB’s commitment to intervene on the foreign exchange market if needed to weaken the koruna so that the exchange rate of the koruna is kept close to CZK 27 to the euro. Also, the Czech central bank estimates GDP growth in 2015 at 4.7% and according tthe CNB's forecast, the growth of the Czech economy will slow markedly in 2016.
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Euro in Czech Republic: It could take 5 years for Government to decide
In terms of economy, the Czech Republic is ready for adoption of the common currency. The outlook for the economy is positive, said EC's Vice-President for Euro & Social Dialogue in Prague. Still, in an interview for the ceskapozice.lidovky.cz server, the (likely) next Czech Central Bank Governor maintains that the Government will not make the decision on Euro adoption in the next five years...
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