PRAGUE, Nov 30 (Reuters) - The Czech economy is forecast to have grown at a 5.2 percent clip in the third quarter, deepening the slowdown from its cycle peak early this year, a Reuters poll showed on Thursday.
The median forecast came from responses of 12 analysts whose estimates ranged from 4.4 to 6.0 percent.
Annual growth in gross domestic product, a wide measure of output produced within the EU member country's borders, is forecast to slow from 6.2 percent in the second quarter and 7.1 percent in the first three months of this year.
"Given the envisaged slight deterioration in net exports, we expect (third-quarter) GDP growth at 5 percent," said Pavel Sobisek, chief economist at the Czech unit of Unicredit Group.
The third-quarter number is due for release on Dec. 8, along with November data on consumer inflation and unemployment.
A separate poll of 13 analysts gave a median forecast for year-on-year inflation to pick up to 1.5 percent in November from a near 1-1/2-year low of 1.3 percent in October. The jobless rate is seen dipping to 7.3 percent from 7.4 percent a month earlier.
Analysts said while contraction in net exports and weaker stock building appeared to lie at the heart of the third-quarter slowdown, household demand was gaining momentum and becoming a key driver of growth, apart from investments.
The growth rate suggested by the median forecast leaves the Czechs trailing the white-hot 9.8 percent third-quarter expansion in the neighbouring Slovak economy. Regional peer Poland also grew faster, at 5.8 percent.
Rising incomes and a boom in buying on credit have fuelled a revival in domestic consumption, with vending at retail shops up 6.7 percent in the first eight months of this year.
"We predict that demand-pull inflationary pressures will build up in the Czech economy," said analysts at Komercni Banka in a forecast report to investors.
The central bank (CNB) left interest rates unchanged on Thursday, meeting market expectations that it would pause in monetary tightening after a sharp decline in October inflation.
The drop put consumer inflation below the bottom edge of the CNB's target, which -- together with the crown's rally to lifetime highs against both the euro and the dollar this month -- dampened expectations of any near-term interest rate rise.
The bank's rolling 3 percent target tolerates price growth within one percentage point either side of that level.
"The CNB board does not seem convinced that demand-pull inflation will accelerate next year ... But we continue to believe that this will show up next year as household consumption strengthens," said Komercni Banka analysts.
The CNB is widely expected to resume monetary tightening next year to track higher euro zone interest rates and quash any potential inflationary pressures from robust manufacturing growth, rising employment and the consumer spending revival.
((For TABLE detailing GDP forecasts, double click on [ID:nL30712025]; estimates for inflation and other indicators due out next month can be found by clicking on [ID:nL30590160]))
((Writing by Marek Petrus; Editing by David Christian-Edwards; Reuters Messaging: rm://marek.petrus.reuters.com@reuters.net; e-mail: prague.newsroom@reuters.com or marek.petrus@reuters.com; Tel: +420 224 190 477))
Keywords: CZECH ECONOMY/