Czech c-bank keeps 2012 economic growth forecast, cuts outlook for 2013.

By bne IntelliNews November 2, 2012
The Czech central bank continues to expect the economy to contract by 0.9% in 2012 and return to a growth next year but the expansion will be weaker than previously thought, the bank said in a newly-released forecast. The bank now expects a 0.2% GDP growth for 2013, down from 0.8% forecast in August. The economy will contract this year as a result of a marked slowdown in external demand and subdued domestic demand coupled with fiscal consolidation. A gradual revival of foreign demand will offset the effect of public finance consolidation in 2013, the bank said. In 2014, the Czech economy should expand by 1.9%. According to the new forecast, headline inflation is seen at 2.3% in the fourth quarter of 2012 and at 1.6% in the first quarter of 2013.

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