CNB improves GDP growth estimate, interventions may last longer


07.05.2014 14:44

Prague - The Czech National Bank (CNB) in its new forecast improved its estimate for the development of the Czech economy this year and in 2015, it expects a 2.6 percent GDP growth this year and a 3.3 percent GDP growth next year, CNB governor Miroslav Singer said at a press conference today.


Guvernér ČNB Miroslav Singer. ČTK Doležal Michal

In the previous February forecast, the central bank estimated this year´s GDP growth at 2.2 percent and next year´s growth at 2.8 percent.

The Bank Board also said that the probability that the CNB will leave the forex intervention regime later was growing. The forecast expects keeping the crown´s rate near Kc27.0/EUR till the beginning of next year.

Inflation in the second quarter of 2015 should reach 2.3 percent and in the third quarter 2.2 percent.

The previous estimate expected inflation at 2.8 percent in the second quarter and at 2.5 percent in the third quarter.

Market interest rates should remain at the current very low levels till the beginning of next year, Singer said.

The Finance Ministry in its April forecast also improved its estimate of GDP growth for this year - to 1.7 percent from January´s 1.4 percent. It still expects a 2 percent growth in 2015.

The EC puts Czech GDP growth at 2 percent for this year and at 2.4 percent for 2015.

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