Finance Ministry downgrades economic outlook for this year

The Czech Ministry of Finance has worsened its economic outlook for this year. In its latest economic forecast, it expects gross domestic product to fall by 0.2 percent, compared with a forecast of 0.1 percent in April. The reason for the deterioration is a bigger-than-expected drop in household consumption, Finance Minister Zbyněk Stanjura said. The ministry kept its estimate of annual inflation unchanged at 10.9 percent.