Economy sees record growth in first quarter

Numbers released by the Czech Statistical Office on Friday have shown that the economy saw record growth in the first quarter of 2006, improving from 5.4 to 7.4 percent year-on-year. The improvement, fuelled by higher foreign trade, investment, industrial production, and household spending, was largely expected by analysts. Some observers have stated that the fast growth will help the Czech economy approach the euro zone more quickly. On Friday, outgoing Prime Minister Jiri Paroubek reacted to the information saying it was "unfortunate for his party" the news came a week after the election.

The Civic Democrats' Mirek Topolanek, meanwhile, indicated that all parties should make use of the situation to push for lowering unemployment as well as the public debt.

Author: Jan Velinger