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MF: GDP to grow by 3.1 %; inflation will reach 2.2 %

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The finance ministry of the Czech Republic (MF) has adjusted the prediction of real GDP growth for the year 2017 to 3.1 % from the previously mentioned 2.5 %.

For the year 2018, the ministry expects growth of 2.9 %. For the remaining part of the year 2017 and for the year 2018, the ministry expects acceleration in the growth of household consumption based among other things on the wage dynamic reflecting a low rate of unemployment.

In the sector of growth of consumer prices, the MF has adjusted the prognosis for the year 2017 to 2.2 % from 2.4 % in April and for the year 2018 to 1.6 % from 1.7 %. The expectations of slower inflation are due to the expected more moderate increase in petroleum prices.

On the labour market, economic prosperity causes a persistent increase of demand for labour force. The ministry has therefore refined the expectations as to the rate of unemployment in the year 2017 to 3.2 % from 3.4 %. In the year 2018, unemployment will probably decrease to 2.9 %.

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