Finance Ministry cuts GDP growth forecast

The Czech Finance Ministry has lowered its forecast for this year’s GDP growth to 2.4 percent, down from its previous estimate of 2.7 percent. The ministry said is cut the forecast due to revisions of the country’s economic growth in the previous quarters as calculated according to a new European methodology, known as ESA 2010. In the next two years, the ministry expects the economy to grow by 2.5 percent, mainly because of growing domestic consumption.

Author: Jan Richter