| The economy recession in the
Czech Republic has ended in the second quarter, according to the data on
gross domestic product (GDP) released by the Czech Statistical Office
(CSU) on Tuesday.
But analysts think the Czech economy is
still quite far from real growth, saying that Czech economic development
will depend above all on the development of economies in Czech's main
trading partners. As a result, they still expect GDP to shrink by about 1
percent in the entire year of 2013.
According to Jiri Moser, managing partner
from consulting company PwC Ceska republika, "The decisive factor
will be the revival of demand abroad, above all in our western neighbors.
The latest figures indicate that an overall drop will be recorded this
year, but next year we should start to grow again even on a year-on-year
level."
David Marek, chief economist of company
Patria Finance, said recession would not end if foreign trade did not
help.
"As expected, the Czech economy was
hauled out of recession by a recovery in the euro zone, above all in
Germany," he said, "The pre-crisis level will not probably be
reached earlier than in 2015."
In his opinion, the economic performance
will be about 2.5 percent lower compared with the pre-crisis peak in 2008.
Overall, the result confirms the cyclical
recovery of the Czech economy.
Source from Xinhua News |
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