Business News
Czech economy expands by 2.8 per cent in third quarter
Dec 9, 2010, 9:16 GMT
Prague - The Czech economy grew 2.8 per cent year-on-year in the third quarter of 2010 in a recovery fuelled by manufacturing, services and trade, revised data showed Thursday.
The Czech Statistics Office lowered its early third-quarter growth estimate of 3 per cent, published on November 12.
Compared to the second quarter, the seasonally adjusted gross domestic product (GDP) rose by 1 per cent, down a notch from 1.1 per cent estimated last month, statisticians said.
The Czech Republic was not hurt by the crisis in the world's financial markets, but its export-dependent economy suffered in 2009 amidst falling demand, chiefly from eurozone members. A revival in exports this year has driven the recovery.
The country hosts foreign-owned carmaking and electronics plants. Roughly one-third of Czech exports head to neighbouring Germany.
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