Country Economic Forecasts - Czech Republic
The Czech statistical office has raised its estimate of Q2 quarterly GDP growth to 0.7% from 0.5% in the flash estimate. This is close to our initial expectation, so we have raised our 2018 GDP growth forecast slightly to 3.0%, before a slight moderation to 2.7% in 2019. Inflation surprised on the upside in August, rising to 2.5% y/y, which supports our view that the CNB will deliver another 25bp rate hike this month, consistent with the hawkish tone in the August statement.
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