Banking association cuts economic forecast for 2013-07-11

The Czech Banking Association on Thursday cut its economic forecast for 2013. It now predicts an 0.8 percent contraction of the country’s GDP, down from the 0.2 percent the association predicted in April. The report cites an unexpected drop in GDP in the first quarter of this year as the main reason for the revision; however, the authors said the economy should start recovering moderately towards the end of the year when quarter-on-quarter growth is expected.