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Flash Q1 GDP Misses Expectations, Senate Debates Constitutional Court Nominations

CZECHIA
  • Czechia's economy contracted by 0.4% Y/Y in the first quarter, according to preliminary data from the CZSO, missing the -0.2% forecast in a Bloomberg survey. Economic growth flatlined on a sequential basis, even as economists expected an 0.1% uptick. The statistics office noted that "the year-on-year GDP decrease was mainly influenced by lower final consumption expenditure of households and by a decrease in inventories, whereas external demand had a positive influence." The CZSO will hold a press conference the state of the Czech Economy at 09:00BST/10:00CEST. Czech National Bank will comment on the data at 12:00BST/13:00CEST.
  • CNB staffers Petr Kral and Jakub Mateju wrote in a blog post on the central bank's website that "inflation is receding, but some caution is in order." They warned that "a large part of the reduction in overall inflation is caused by food prices," which are "notoriously volatile." Although there are signs that the current food price disinflation might be sustainable and "the situation on the battlefield is turning around," the central bank must keep monitoring risks in both directions. Moreover, "it is (...) necessary to keep the monetary conditions strict until it becomes completely clear that the falling inflation is really heading towards the two percent target."
  • The tug-of-war surrounding the appointment of three new judges to the Contitutional Court has resumed this week, after a Senate committee refused to recommend two out of three candidates presented by President Petr Pavel. Legal and Constitutional Affairs Committee chairman Tomas Golan said that he was unconvinced by the performance of Daniela Zemanova during her hearing, while Josef Baxa would not make a good Chief Justice. Senate caucuses are expected to hold meetings on the matter today, while the upper house may decide on the nominations of Baxa and Zemanova as soon as on Wednesday. As a reminder, Czechia's Constitutional Court undergoes a major overhaul this year, with seven judges retiring this year.
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