Macroeconomic Forecast Czech Republic

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We forecast the unemployment rate in the Czech Republic to end the year around its current levels. We forecast end-2012 unemployment rate at 8.3% and end-2013 at 7.5%. The Czech Statistics Office released data showing that July’s joblessness rate was 8.3%, slightly up from June’s reading at 8.1%. While the influx of new graduates into the labour market likely played a role in the slight uptick, we do not anticipate a significant improvement in the country’s unemployment rate this year owing to the challenging macroeconomic backdrop.