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CNB To Comment On Flash Q2 GDP, Stanjura Warns Of Fiscal Challenges

CZECHIA
  • Czechia's GDP shrank 0.4% Y/Y in the three months through end-June, according to a flash reading released this morning, beating the Bloomberg consensus forecast of -0.6% and the CNB's baseline forecast of -0.7%. On a sequential basis, the economy grew 0.1% Q/Q, in line with expectations. The central bank will release its official comments on the data at 12:00BST/13:00CEST.
  • Seznam Zpravy reports that a working group has been established within the National Economic Council to advise the government on how to return the economy to growth. Czechia is struggling to recoup pandemic-era losses amid tight monetary conditions, elevated inflation and the ongoing fiscal consolidation.
  • Finance Minister Zbynek Stanjura warned that Czechia faces a long way to a balanced fiscal position, with debt servicing set to become more expensive while military spending needs keep piling up. Stanjura estimated that the government will keep looking for savings, with the 2024 budget deficit to be reduced to CZK235bn-270bn.
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