Central bank revises deficit forecast

The Czech National Bank has revised its estimate of the public finance deficit in 2010-2011. Figures released on Friday predict the public deficit will amount to 5.5 percent of GDP in 2010 and 5.9 in 2011. The previous forecast reckoned with a 5.9 percent gap this year and a 6.5 percent gap in 2011. In its GDP outlook published last week, the central bank forecast 1.4 percent growth in output this year with a projected 1.8 percent growth figure for 2011. The criteria for euro adoption include a deficit below 3 percent of GDP for three successive years.