The Czech economy shrunk in the first quarter of 2009 by 3.4% year-on-year, the deepest annual drop in the country’s history, according to government data released Tuesday. The country’s gross domestic product also fell by 3.4% in the first three months of 2009 compared to the previous quarter, ČSÚ said. While the contraction was driven by dropping foreign demand, domestic consumer spending was on the rise in the first quarter, the statisticians said.
