Business News
Czech economy expands by 3 per cent in third quarter
Nov 12, 2010, 9:51 GMT
Prague - The Czech economy grew by 3 per cent year-on-year in the third quarter of 2010, continuing a strong recovery driven by manufacturing and trade, an early estimate showed Friday.
Manufacturing and trade were chiefly behind the third-quarter growth, the Czech Statistics Office said, while services saw stagnation and agriculture shrank due to bad weather.
Compared to the second quarter, the seasonally adjusted gross domestic product rose by 1.1 per cent, the office said. Revised data will be released on December 9.
The Czech Republic was not hit by the meltdown of the world's financial markets, but its export-dependent economy suffered in 2009 amid falling 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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