Export and import

A team of KB (macro) economists prepares analyses and predictions of key macroeconomic indicators for the Czech and Slovak economy for KB and its clients. Komerční banka’s GDP and inflation predictions received the Consensus Economics awards for the most accurate panellists participating in the Consensus Forecast survey in 2013 (Czech Republic) and 2014 (Slovakia).

Investment strikes back

• Czech economy accelerates: The Czech economy has entered the late expansion phase and GDP growth is accelerating. We expect it to reach its second-fastest pace of the last ten years. Although we see a minor slowdown next year, the expected investment boom should ensure a still decent level of growth.
   
• Wages are set to grow and propel price growth: The shortage of workers is even greater than before. This is feeding wage growth which is keeping pricing pressures strong. Headline inflation should remain close to 2% even in 2018.
   
• CNB will hike once per quarter: The CNB is not set to follow its forecast blindly. We believe it will use the current economic expansion to proceed with rates normalisation. We expect it will hike once per quarter until the end of 2018.
   
• The koruna will continue its long-term appreciation trend: The exchange rate should break the level of EUR/CZK25 by end 2018. We expect the ongoing normalisation in the forward market to continue.
   
• Increase in government spending and investment: Next year, the economy is set to see further fiscal stimulus, as the central government budget deficit is targeted at CZK50bn, and an even deeper deficit is possible. Bond yields and CZK IRS are set to increase further in 2018.

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All commentaries and analyses are available for download via the KB Investment Banking website.

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All data included on KB Investment Banking website are for information purposes only. Komerční banka, a. s., does not vouch for the correctness and completeness of any information available on this site and cannot be held responsible for any damages. Important Notice.

Since October 2011, we have been a member of the international banking of the Société Générale Group, one of the largest European financial groups. Société Générale has been playing a vital role in the economy for 150 years. With more than 154,000 employees, based in 76 countries, the group serves more than 32 million clients throughout the world on a daily basis. In each country, Société Générale employees as well as their clients are embedded within the local economy, thereby having first-hand knowledge of the given environment and its specificities.

Therefore, KB experts and our colleagues around the world will assist you at all stages of your international business operations:

• Market entry and company incorporation abroad
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• Funding for your expansion to international markets