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President Pavel Hosts Meeting On Pension Reforms, 4Q23 GDP Data Revised Higher

CZECHIA
  • President Petr Pavel will hold a trilateral meeting with coalition and opposition representatives to discuss the contentious pension reforms, with a press conference due to follow at 11:35GMT/12:35CET. Labour and social Affairs Minister Marian Jurecka said that even if negotiations with the main opposition ANO party results in compromises, the changes would only be added to the draft legislation when it is tabled in parliament (specifically between the first and second readings or in the second reading). He suggested that the government may discuss his pension reform plan in April, setting the stage for its approval by the Chamber of Deputies in May.
  • Czechia's GDP growth for 4Q23 was revised higher to +0.2% Y/Y from the flash reading of -0.2% Y/Y, while sequential growth was +0.4% Q/Q rather than +0.2% Q/Q as per the preliminary estimate. Final data were exceeded consensus forecasts (-0.2% Y/Y and +0.2% Q/Q in a Bloomberg poll). Preliminary data were already better than implied by the CNB's Winter Forecast, which projected 4Q23 GDP growth at -0.5% Y/Y.
  • Russian President Vladimir Putin dismissed suggestions that he could order an attack on the Baltics, Czechia or Poland as "complete nonsense" while also repeating his familiar justifications of the ongoing invasion of Ukraine.
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