Czech Finance Ministry downgrades growth forecast for 2023

The Ministry of Finance has downgraded its growth forecast for this year, predicting that GDP will increase by 1.1 percent. In April, the ministry predicted a growth of 1.4 percent. According to Finance Minister Zbyněk Stanjura, the deterioration in the outlook is due to a revision of GDP data from previous years, carried out by the Czech Statistics Office.

The ministry expects the Czech economy to see a stronger recovery next year, with GDP growing by 2.7 percent. Growth will be driven mainly by household consumption, which will grow by 3.9 percent, according to the forecast.