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Czech Finance Ministry Cuts 2012 GDP Growth Forecast to 0.2%

Jan. 31 (Bloomberg) -- The Czech Finance Ministry cut its 2012 economic-growth forecast to 0.2 percent from a previously estimated 1 percent.

The outlook for 2013 gross domestic product was reduced to 1.6 percent from 2 percent, the Prague-based ministry said in an e-mailed statement today.

The Finance Ministry expects the public-finance deficit, the fiscal yardstick for assessing a European Union member’s readiness to adopt the euro, would account for as much as 3.8 percent of GDP this year if “measures” are not taken, compared with the target of 3.5 percent of GDP as set in the budget law.

Government-sector debt in 2012 will probably rise to 43.1 percent of GDP from an estimated 40.7 percent last year, the ministry said.

The economy will expand 2.7 percent and 3.6 percent in 2014 and 2015, respectively, according to the forecast.

To contact the reporter on this story: Peter Laca in Prague at placa@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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