Czech economy in record-low recession

15-05-2013

The Czech economy is in record-long recession, having contracted for the sixth quarter in a row, according to figures posted by the Czech Statistical Office on Wednesday. The economy shrank by 0.8 percent in the first quarter due to a fall in foreign demand affecting mainly the car sector. Lower investment activity also led to a further drop in construction. According to the Czech Statistical Office the year on year decline has deepened to 1.9 percent. The crown slumped to its weakest level since November 2011 on the news.