The Czech National Bank board was surprised by the sharp increase in the country's annual growth rate in the first quarter of the year, according to the minutes of its latest meeting – but expect the strong showing to continue in 2015.

The growth rate jumped to 4.2%, which the board noted was more than double the forecasted rate. Although alert to the possibility of revisions, the board members noted the growth "was being driven by practically all components of demand," according to the minutes