We've lowered our GDP growth forecast for the Czech Republic by 0.1ppt to 2.3% in 2025. We expect reciprocal blanket 10% tariffs between the US and the EU from Q2. These will have only minor impact on growth in 2025, as they will be offset by looser monetary policy and a pause in fiscal consolidation. But the Czech economy is vulnerable to trade restrictions, so we have lowered our 2026 GDP growth forecast by 0.5pts to 2.7%, with domestic demand driving growth.
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