Real gross domestic product for Q1 2011, adjusted for working days, rose 2.5% year-on-year and 0.6% compared with the previous quarter, according to preliminary estimates from the Czech Statistical Office. The result was higher than expectations, as the Czech National Bank had forecast 2.3% y/y growth. But analysts found reason for disappointment. “Looking at the results from other countries, however, it was one of the worse outcomes. Our biggest export partner Germany rose by 1.5% quarter-on-quarter, the French and Slovak economies by 1.0%. Hungary, with 0.7% q/q flourished more than the local economy,” Komerční banka analyst Jiří Škop said in market comment.
