EC downgrades Czech GDP growth estimate to 1.1 % in 2024

The European Commission has downgraded its Czech growth forecast for 2024, predicting that GDP will grow by 1.1 percent instead of the previously expected 1.4 percent.

According to the EC prediction, growth should be supported by the high saving rate of households over the past three years, the projected easing of inflation and rising real wages, as well as by further relaxation of financing conditions.

It also points out that recent consumer and business confidence indicators are still below the historical average, indicating an only gradual return to a higher growth rate in private demand.