Analysts: Czechs saving more in face of economic slowdown, Brexit fears

Czechs are saving more as they are aware of a projected continued slowdown in economic growth and concerns over the effect of Brexit, according to a survey of analysts by the state news agency ČTK.

The Czech economy is growing at a slower pace than other Visegrad countries, in large part due to a slowdown in Germany, its chief export market.

Last year, Czech GDP slowed to 2.9 percent from 4.5 percent in 2017, according to data released by the Czech Statistical Office (ČSÚ) on Monday.

Nevertheless, Czech household consumption and investment will remain the main drivers of GDP growth, economists say. In part, the higher rate of household savings stems from rising average salaries.

Author: Brian Kenety