Analysts: Czech industry will grow by 1.5%

Published: 09.06.2023 Related countries:  United Kingdom United Kingdom

Slow growth is caused by lower demand

The Czech economy can no longer rely on the performance of industry, which is negatively affected by weaker orders. It is waiting for the inflationary wave to subside, which is holding back demand at home and abroad. This was stated by Petr Dufek, chief economist at Bank CREDITAS. The industry will grow by 1.5% in 2023. This is estimated by Lukáš Kovanda, chief economist at Trinity Bank, adding that the reason for the slowdown in the pace (2022: 1.7%) is high input prices, especially energy, problems in international supply-consumption chains, and persistent inflationary pressures. Jakub Seidler, chief economist at the Czech Banking Association, mentioned that although this year's results so far are above expectations thanks to stronger car production, the automotive sector will gradually start to lose its performance.

Source: CIA News