Czech Economy Now in Technical Recession
The Czech Republic's economic output contracted for the second straight quarter in the three months ending in December, largely due to lower household consumption, thus entering a technical recession, preliminary estimates from the Prague-based Czech Statistical Office (CZSO) showed on Tuesday.
Gross domestic product (GDP) decreased 0.3% sequentially in the fourth quarter, following a 0.2% fall in the third quarter.
Economists had forecast a 0.6% fall.
By contracting further in the last quarter of 2022, the economy has now entered into a technical recession, which is described as two quarters of output decline in a row. On a yearly basis, the GDP advanced by 0.4%, down from a 1.5% rise in the previous period but above market forecasts of a meager 0.2% growth.
Considering the full year of 2022, the economy advanced by 2.5% over a year ago.
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