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Czechs Improve Budget Outlook as Fiscal Hawks Prepare for Power

CZECHIA
  • The outgoing Czech government said the country's pandemic-induced deficits will narrow faster than previously expected because tax revenue will improve despite snags in the economic recovery.
  • Finance Ministry on Tuesday cut its forecast for the general government deficit, a broad measure of fiscal health, to 7.2% of gross domestic product this year and 4.4% next year, from 7.7% and 5% respectively. The quarterly report also curbed projections for economic growth as a chip shortage is paralyzing the key car industry.
  • This bodes well for the coalition of five parties that won a combined majority in elections and is preparing a to replace the administration of Prime Minister Andrej Babis.
  • With a dire shortage of workers driving rapid salary increases and boosting consumption, the cabinet expects fast growth in tax collection and limited spending on unemployment benefits.
  • The new coalition has said it will aim to cut the 2022 central state budget gap below 300 billion koruna ($14 billion), compared with Babis's last proposal for a 377 billion koruna shortfall.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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