Mediafax (Mediafax)
Macroeconomics  |  October 31, 2012 11:05:07

Czech economy will fall by 1.1 percent, estimates Ernst & Young


PRAGUE (MEDIAFAX) - The consulting firm Ernst & Young Czech Republic predicts overall annual decline in GDP of 1.1 percent. Upcoming Moreover, according to economic development experts also characterized by considerable uncertainty and limited growth in foreign demand, reported on Wednesday, Ernst & Young.

"In 2013, we expect positive growth again, but below one percent. Among his recovery should primarily contribute to growing domestic demand," says Jan Fanta, Head of Department of Business Advisory and Risk Management at Ernst & Young in the Czech Republic.

Growth in the euro area and, therefore, of the Czech Republic's main trading partners, in her words, in the medium term is expected to remain weak as a result of efforts to reduce the indebtedness of the private and public sectors. "Exports of Czech Republic will thus marked by low foreign demand.On this basis, we assume for the period 2014 to 2016 the average GDP growth rate of 2.5 percent, which is well below the average of 4.5 percent from the period before the crisis in the years 2000 to 2008, "said Fanta.

According to estimates of the Czech National Bank (CNB) of 2 August 2012 will go down this year, gross domestic product (GDP) of the Czech Republic by 0.9 percent. Also, the Ministry of Finance (MOF) in its latest forecast from the 19th July revise its earlier estimates (+0.2 percent) down. Czech Republic's GDP, according to the Ministry of Finance had to drop this year by 0.5 percent.

Czech Banking Association (CBA) in its forecast of 10 October reported that the gross domestic production of the Czech Republic this year will fall by 0.95 percent, economic recovery, according to her should come up in 2013. Association to amend its July estimates, the expected decline in GDP this year to 0.8 percent.

Jan Soukup, soukupj@mediafax.cz

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Česká ekonomika letos klesne o 1,1 procenta, odhaduje Ernst & Young

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