We expect Czech GDP growth of 2.4% for 2025 but acknowledge the many downside risks. We estimate the Czech economy grew by 0.4% q/q in Q4 2024, resulting in a solid carryover into this year. Steady growth in consumer spending, underpinned by healthy real earnings growth, will likely continue to drive growth in 2025. We also expect a gradual improvement in capital spending towards H2 2025, with the policy mix mildly supportive of growth this year.
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