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Czech Economy Expands By 4.6% YoY in Q1

CZECHIA
  • This morning, economic data showed that the Czech economy expanded by 4.6% YoY in Q1 (vs. 4.3% exp.), up from 3.6% the previous quarter (q4 2021).
  • Foreigners held 27.6% of Czech state CZK bonds on March 31.
  • CNB Vice Governor Nidetzky mentioned in an interview this week that the central bank is likely to discuss potential further ‘fine-tuning’ at the next meeting on May 5. Nidetzky sees debate about 25/50bps rate hike.
  • Prime Minister Petr Fiala is expected to discuss revival of a gas pipeline project linking Czech Republic and Poland during his visit to Warsaw (BBG).
  • Even though growth surprised slightly positively in the first quarter, the sharp tightening in financial conditions is expected to weigh significantly in the economic activity in the coming 6 to 12 months (see chart).

Source : Bloomberg/MNI

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