Czech Economy to Grow 4.5% this Year
- New Europe Investor
- October 31, 2015
The Czech Republic is set to exceed all growth expectations for 2015, with the Ministry of Finance revising growth up to 4.5%.
The rise betters the already positive forecast from Ernst & Young earlier in the month, who stated that the economy would grow 4.3% in 2015.
The ministry stated that forecasts have been revised upwards due to a number of factors. These include; low oil prices, spending of EU structural funds, low inflation and rising consumer demand.
Jan Fanta of EY told the Prague Post, “A growth in consumption is positively impacted by lower oil prices that is boosting the real incomes of households.”
It was only in June that the Ministry of Finance in Czech was predicting 3.9% growth for the year.
This increase in expectations has also led to next year’s figure being revised up from 2.5% to 2.7% by the department.