Macroeconomic Forecast Czech Republic

We forecast the average Czech unemployment rate to come in at 8.6% in 2012 before falling modestly to average 8.3% in 2013. Recent data released by the Czech Statistics agency show that the unemployment rate remains sticky at 8.3% in August, the same as in July, representing a 1.1% y-o-y increase in the number of registered job applicants. With the economic situation in the Czech Republic not set to improve until mid-2013 at the earliest, we see little scope for a substantial improvement in the labour market until mid-2013.

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