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Czechia's Budget Deficit Shrinks Further

CZECHIA
  • Czechia's budget deficit narrowed for a fourth consecutive month in September, owing to the influx of windfall-tax payments from selected industries. The cumulative YtD shortfall shrank to CZK180.7bn against the full-year target of CZK295bn. Finance Minister Zbynek Stanjura said that "the development of the budget revenue and balance in the past months can be regarded as positive" and "it will be possible to meet the planned full-year deficit of CZK295bn, despite elevated expenditures expected near the end of 2023".
  • In another sign of potential tensions with the incoming Slovak administration, Lidove Noviny reported that Czech Prime Minister Petr Fiala still hasn't congratulated Robert Fico on his victory in last weekend's general election. President Petr Pavel had earlier suggested that Fico's return to power could weigh on Czech-Slovak bilateral relations.
  • Denik N reported that Marketa Rehakova is stepping down as President Petr Pavel's spokesperson a month after resigning as the chief of the Castle's media department. The President's team has already undergone several high-level changes already, despite Pavel taking office only half a year ago.
  • Hospodarske Noviny ran an interview with economist Jiri Schwartz Jr who warned that the CNB must be cautious in the next three months as inflation will re-accelerate during the period when wages are being negotiated. Separately, Jaroslav Bukovsky wrote in an op-ed for E15 that the market is currently pricing around 50bp of monetary easing by the end of the year, followed by further easing, but the CNB may need to be more cautious than expected.
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