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Czech economy contracts in 2012 1st quarter by 1.0 pct to remain in recession
PRAGUE (AP) ' The Czech Statistics Office says the country remained stuck in recession as its economy suffered a sharper downturn than expected and shrank by 1.0 percent.
The economy contracted for the third consecutive quarter after it was down by 0.3 percent in the 2011 fourth quarter and by 0.1 percent the previous quarter. Analysts predicted a slight growth.
The office also said Tuesday the economy contracted by 1.0 percent year on year, according to preliminary figures.
According to the government prediction, the economy was expected to stagnate overall this year after recording a 1.7 percent growth last year.
The Czech Republic does not use the common European currency but eurozone nations, including Germany, are its major trading partners.