The Czech economy contracted by 1.1 percent year-on-year in 2012 and gross domestic product in the fourth quarter dropped by 1.7 percent in annual terms and by 0.2 percent compared to the previous quarter, according to data released by the Czech Statistical Office on Thursday. Higher taxes on consumer goods contributed negatively to the GDP drop, their annual decrease at almost 2 percent, the office said. The GDP figure is in line with analysts´ expectations. The Czech economy has been in recession since the end of 2011.
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