CNB forecast – Summer 2025
This forecast, which was prepared by economists from the Monetary Department, was published on 7 August 2025 and (with some exceptions) is based on the data available as of 25 July 2025.
| 2025 | 2026 | 2027 | |
|---|---|---|---|
| Inflation (%) | 2.6 | 2.3 | 2.5 |
| Gross domestic product (annual changes in %) | 2.6 | 2.6 | 2.9 |
| 3M PRIBOR interest rates (%) | 3.4 | 3.4 | 3.6 |
| CZK/EUR exchange rate | 24.9 | 24.9 | 24.8 |
Note: Forecast in bold
Inflation (in %)
Inflation in 2025 Q3 and at the monetary policy horizon
| July 2025 | August 2025 | September 2025 | 2026 Q3 | 2026 Q4 | |
|---|---|---|---|---|---|
| 2.8% | 2.7% | 2.6% | 2.2% | 2.1% |
Inflation will be above the 2% target in 2025 and very close to it over the monetary policy horizon.
Gross domestic product (annual changes in %)
Growth in domestic economic activity will be around 2.5% this year and next year.
3M PRIBOR interest rates (in %)
Consistent with the forecast is a modest decline in short-term market interest rates initially, followed by a slight increase in rates next year.
CZK/EUR Exchange rate
The koruna will be broadly stable over the outlook horizon.
