(CIANEWS) - While the Czech economy grew in 1H despite the unfavourable circumstances, it is expected to undergo a mild recession in 2H. Nevertheless, GDP could increase by 2.2% for the whole year. The August macroeconomic forecast of the Ministry of Finance of the Czech Republic (MF) shows that growth should be driven by investment in fixed capital and increased accumulation of reserves. Household consumption will be dampened by a sharp rise in energy prices and tighter monetary policy. The external trade balance should take 1 pp off the growth momentum. GDP growth could slow further to 1.1% in 2023.