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Czech Q4 GDP revised down, drops most since 1997

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The Czech economy shrank by 0.9% in the last quarter of 2008, a worse result than the previously reported 0.6% fall due to new data on the banking and government sectors. The quarterly data was the worst since 1997 as the global crisis cut into exports, and the revision reflected wider-based weakness as banks reported worse results. Statisticians also revised down data for the second and third quarters, putting full-year growth at 3.1%, against the previously reported 3.5%.

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