Czech Economy Contracts At Record Annual Pace In Q2

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Czech gross domestic product or GDP adjusted for price, seasonal and working days fell at a record annual pace of 4.9% in the second quarter after falling 3.4% in the first quarter, the statistical office said Friday.

Unfavorable development of GDP, compared to the previous year, owed mainly to a significant drop of the gross value added in manufacturing, which has been facing sales crisis mainly in external markets, the statistical office said.

On a quarterly basis, the economy expanded 0.3% in the second quarter following a 3.4% decline in the first quarter.

Czech gross domestic product or GDP adjusted for price, seasonal and working days fell at a record annual pace of 4.9% in the second quarter after falling 3.4% in the first quarter, the statistical office said Friday. (Market News Provided by RTTNews)