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Czech Economy: End of Recession Ahead

Published: September 6, 2013; 18:51 · (Vindobona)

Compared to the previous quarter, the second quarter of 2013 showed a GDP growth. Compared to the reference period of 2012, the Czech economy still registers a contraction.

Czech Economy: End of Recession Ahead / Picture: © Czech Republic

From April to June, the Czech GDP was up by 0.6% compared to the first quarter. However, according to the Czech Statistical Office, there is still a GDP contraction by 1.3% compared to the second quarter of 2012.

According to economists, the Czech economy is close to leave the recession behind. The positive movement in the last quarter was the first since mid-2011. In the last two years, the Czech economy was suffering from a slack in consumption and the sharp austerity policy. Now, Czech exports are expected to be the main pillar of the expected economic upswing.