European Commission ups forecast for Czech growth, trims deficit expectations

The European Commission has upped its forecast for growth of the Czech economy this year to 2.0 percent from its former February prediction of 1.8 percent. Growth next year should firm to 2.4 percent compared with the previous 2.2 percent. Public finances are also seen a lot healthier with the public deficit expected to come in at 1.9 percent of Gross Domestic Product this year and 2.4 percent in 2015. The previous prediction from Brussels had seen the deficit at 2.8 percent this year rising to 3.3 percent in 2015. The Czech Ministry of Finance sees growth this year at 1.7 percent and 2.0 percent next year.