In bright sign for emerging EU, Czech economy exits recession
AFPPRAGUE -- The Czech Republic emerged from an 18-month recession in the second quarter but with slightly less force than first estimated, revised official data showed on Tuesday.
September 4, 2013, 6:39 pm TWN
The economy grew by 0.6 percent in the second three months of the year compared to the last quarter, the country's national statistics office said, a slight downward revision to the 0.7 percent it forecast in August.
The Czech Republic has the third-biggest economy in central Europe after the Polish and Austrian economies, and the firming of its economy is in line with the broad if uneven trend across the region.
The country, which depends heavily on car production and exports financed with foreign investment, also has the third-lowest base interest rate in Europe, of 0.05 percent, after Switzerland and Bulgaria.
The statistics office said that the quarterly improvement was driven by a recovery in exports. However, investment and household consumption continued to weaken.