Czech economic growth peaked in 2007 and the country will see somewhat slower expansion in the coming years, Finance Minister Miroslav Kalousek told Reuters on Friday.
The Czech economy rose by a much faster-than-expected 6.9 per cent year-on-year in the fourth quarter and by record 6.6 per cent in the full 2007.
"This is of course very good news, but I expect that it is the peak of the current potential," Kalousek told Reuters. "In the coming years I expect quite decent economic growth, but anyway I do not predict so high numbers," he said.
Fast growth has helped slash the central European EU member country's fiscal deficit to 1.9 per cent of GDP last year from 2.9 per cent in 2006.
"This is the room for reforms that we must not miss, because fiscal reforms are much easier done at times when things go well. The growth creates a cushion for the reforms," he said. (Reuters)
Czech Finance Minister sees GDP cooling after record 2007