CNB board member warns of worse prognosis for GDP

19-08-2012

The Czech National Bank (CNB) will possibly lower its outlook for economic development this year, said a member of the bank’s governing board Lubomír Lízal on a Czech Television talkshow on Sunday. CNB’s August forecast estimated a 0.9 % fall of GDP in 2012. But Mr. Lizal said economic performance this year is actually worse than the CNB expected, and the forecast may have to be revised to reflect that. At the same time the CNB expects an economic revitalisation to begin at the end of the year and is predicting 0.8% expansion of the Czech economy in 2013.