Business News
Czech economy expands 2.4 per cent in second quarter
Sep 8, 2010, 10:00 GMT
Prague - The Czech Republic's economy grew 2.4 per cent year-on-year in the second quarter of 2010, fuelled by exports to recovering Western Europe, revised data showed Wednesday.
The Czech Statistics Office amended upwards its early estimate of 2.2 per cent published on August 13.
Compared to the previous quarter, the seasonally adjusted gross domestic product (GDP) rose by 0.9 per cent, the office said.
Manufacturing, transport and services contributed chiefly to the second-quarter growth. Exports rose by 13.1 per cent year-on-year and household consumption by 0.8 per cent, the statistics showed.
The Czech Republic was not hit by the meltdown on the world's financial markets, but its export-reliant economy suffered in 2009 amid a drop in demand, chiefly from eurozone members.
The country hosts foreign-owned carmaking and electronics plants. Roughly one-third of Czech exports head to neighbouring Germany.
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