Czech finmin may cut 2012 GDP outlook on western slowdown, debt crisis.

By bne IntelliNews August 22, 2011
The Czech finance ministry may cut its 2012 GDP as the countrys main trading partners slow their growth and the crisis in the eurozone deepens, finance minister Miroslav Kalousek said on public television. The ministry improved its 2012 outlook to 2.5% in June from 2.3% forecast in April. The April's outlook served as the basis for calculating the draft budget for next year. Kalousek did not say by how much the economy will expand. "If there is a steep slow-down especially in euro zone countries, than we can expect with a 99 percent probability that it will also translate into our (GDP) figure," he said. The Czech government targets to cut the budget gap to 3.5% of the GDP next year from 4.2% planned for 2011.

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