We have lowered our GDP growth forecast for the Czech Republic to 2.2% in 2025. Growth in Q1 was in line with our predictions at 0.5% q/q and, coupled with a solid carryover effect, it should provide a solid impetus this year. But the drag from US tariffs and the associated trade policy uncertainty will weigh on growth in the near term. As a result, we’ve also lowered our 2026 growth forecast to 2.4% and view the risks as skewing to the downside.
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