Finance Ministry: Czech economy grew by 6.1 percent in 2007

The Finance Ministry raised on Thursday its estimate of the Czech economy growth for 2007 from 5.9 to 6.1 percent. The Ministry said that the Czech economy is reaching the climax of the economic cycle and beginning to confront its limits set by the lack of a qualified workforce. The Ministry also estimates that the country’ economic growth in 2008 will be 4.7 percent, which is lower than the originally estimated 5.1 percent. This will be due to fiscal reforms adopted by the government last year which are expected to cause a drop in consumption.

Author: Jan Richter