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GDP Prints Below Expectations

CZECHIA
  • Preliminary data showed that Czechia's economy grew slower than expected in 1Q24. GDP rose 0.2% Y/Y, falling short of Bloomberg consensus forecast of +0.4% and the CNB's projection of +0.3%. On a sequential basis, the economy grew by 0.3% Q/Q, missing +0.5%, the median estimate in a Bloomberg survey. The central bank will release its comments on the data at 12:00BST/13:00CEST.
  • The Chamber of Deputies passed the controversial pension system overhaul in first reading, in spite of obstruction by opposition parties. The reform will now be sent to parliamentary committees for further consideration, which is expected to take place in August. The coalition wants the legislation to clear parliament in time to take effect from the beginning of 2025.
  • Czechia hosts a meeting of NATO Foreign Ministers chaired by Secretary General Jens Stoltenberg.

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