The Czech economy, like most economies around the world, was still being affected by the COVID-19 pandemic in 2021. Government budgets again ended in a large deficit, even though the economy returned to a growth path. This was due mainly to the adoption of a range of structural revenue and expenditure measures, some of which…
The 2022 Report on the Long-Term Sustainability of Public Finances (the “Report”) was prepared at a time when the economy had recovered from the immediate consequences of the COVID-19 pan- demic. However, the pandemic significantly affected public finances on both the revenue and expenditure side. Scarcely had the situation started to calm down after the…
8 September 2022, Pursuant to Section 21(2) (a) of Act No. 23/2017 Coll., on budgetary responsibility rules, as amended, the Czech Fiscal Council monitors the development of public sector finance. Within the framework of that work, it also strives to identify risks and threats that may have an adverse impact on public budget stability in…
9 June 2022, Pursuant to Act No. 23/2017 Coll., on budgetary responsibility rules, Section 21(2)(a), the Czech Fiscal Council (CFC) monitors the development of public sector finance. Within the framework of that work, it also strives to identify risks and threats that may have an adverse impact on public budget stability in the short-term, medium-term,…
Pursuant to Act No. 23/2017 Coll., on budgetary responsibility rules, Section 21(2)(a), the Czech Fiscal Council monitors the development of public sector finance. Within the framework of that work, it also strives to identify risks and threats that may have an adverse impact on public budget stability in the short-term, medium-term, and long-term. Since September…
Pursuant to Act No. 23/2017 Coll., on budgetary responsibility rules, Section 21(2)(a), the Czech Fiscal Council monitors the development of public sector finance. Within the framework of that work, it also strives to identify risks and threats that may have an adverse impact on public budget stability in the short-term, medium-term, and long-term. Since September…
Pursuant to Act No. 23/2017 Coll., on budgetary responsibility rules, Section 21(2)(a), the Czech Fiscal Council monitors the development of public sector finance. Within the framework of that work, it also strives to identify risks and threats that may have an adverse impact on public budget stability in the short-term, medium-term, and long-term. Since September…
In 2019, the state’s finances ended up with a deficit of 28.5 billion crowns, said Finance Minister Alena Schillerová, at a press conference today. The approved budget planned on a deficit of 40 billion crowns. The better-than-expected result was due primarily to non-tax and capital revenues, which were above plan by more than 38 billion…
On Wednesday 4 December, the Czech Fiscal Council (CFC) issued its regular quarterly opinion on the development of public sector finances and the set-up of fiscal and budgetary policy. Among other things, it points to problematic aspects in the approval of the 2020 government budget, as the budget bill counts on certain income, the attainment…
On Wednesday 13 November, a meeting of the Committee on Budgetary Forecasts met at the Ministry of Finance of the Czech Republic. At this meeting, committee members, who are leading Czech economists, discussed the November fiscal forecast issued by the Ministry of Finance of the Czech Republic and rated it as realistic, in terms of…
The Czech Republic last year complied with the expenditure and debt rules of budgetary responsibility laid down by Act No. 23/2017 Sb., on the rules of budgetary responsibility (hereinafter referred to as the “Act”). This is the conclusion of the Report on Compliance with the Rules of Budgetary Responsibility for the Year 2018, published on…
